NagaCorp.’s monopoly NagaWorld casino in the Cambodian capital of Phnom Penh reported revenues of US$146.5 million in the second half of 2012, with earnings for the six months estimated at $73.1 million, a 30% increase over the same period in 2011.
Profit for the period worked out to $2.92 per share for the Hong Kong-listed operator (HK: 3918).
Rolling chip volume was up 5% year on year to $1.75 billion, but that was down from the first half’s $2.04 billion, which Union Gaming Research Macau believes was skewed to the high side by a handful of large players at the end of June and a decline in VIP play in November during several days of official mourning for former King Norodom Sihanouk, who died in Beijing in October.
NagaWorld’s mass tables and slots posted year-on-year increases in spend of 32% and 33%, respectively.
“We remain bullish about the company’s prospects over the next 12 months and beyond, with a host of growth drivers still intact across all of the revenue segments,” writes UGRM. “While we still consider mass market tables and slots to be the company’s bread and butter, and a major source of growth, we are becoming increasingly excited about the VIP segment, which should become a much more meaningful contributor of earnings in 2013 and beyond.”
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