NagaCorp has continued its strong momentum in the six months to 30 June 2019, with gross gaming revenue rising 22% to US$872.4 million and net profit by 36% to US$245.1 million at its Cambodian integrated resort NagaWorld.
Positive growth was the trend across all segments, most notably in the mass market where GGR grew 38% to US$222.5 million driven by increasing tourism to Cambodia, particularly from China which recorded a 40% growth in the first five months of 2019 according to official government figures. NagaCorp said that mass table drop grew 32% and EGM bill-ins 29% in 1H19.
VIP rolling grew by 38% to US$23.2 billion, although a lower win rate when compared with the same period in 2018 saw revenue increase by 18% to US$649.9 million.
Segment growth was attributed to a range of factors, including customer demand for higher limit tables and two new junket operators commencing fixed base operations at Naga2. It also pointed to Suncity Group’s recent move to a larger space at Naga2 that accommodates more VIP tables and other supporting entertainment facilities.
“Overall, both South East Asian and Macau-based junket operators have contributed to increased VIP rollings during the period,” NagaCorp said.
EBITDA for 1H19 grew 41% to US$327.8 million with the company declaring a cash dividend of US3.39 cents, equivalent to HK26.27 cents, to be paid on 20 August 2019.
As previously reported by Inside Asian Gaming, NagaCorp earlier this week released further details of its planned Naga3 expansion, which it says will see NagaWorld rival Macau’s best integrated resorts.
