Cambodia’s only true integrated resort, Phnom Penh’s NagaWorld, has reported positive growth in the three months to 30 September 2022, led by strong recovery in its Referral VIP business.
According to details filed by NagaCorp with the Hong Kong Stock Exchange this week, average business volumes across all three business segments showed improvement in Q3 with Referral VIP generating daily rolling of US$4.2 million – 43% higher than daily rolling during the first six months of the year.
Premium mass saw daily rolling grow 6.2% to US$8.6 million while mass market generated daily table buy-ins and EGM bill-ins of US$9.5 million, up 5.1% on 1H22.
In its filing NagaCorp said it believes the “steady business recovery is mainly due to the continued improvement of international arrivals to Cambodia as more regional countries eased travel restrictions, as well as continued improvement of the business environment boosted by Chinese investments, post pandemic.”
However, it also noted that daily EBITDA suffered a hit in Q3 on lower win rates on the gaming floor. Daily EBITDA of US$578,000 was 19.6% lower than 1H22 daily EBITDA of US$719,000.
“Daily administrative and operating overhead of the Group in 3Q22 remained steady compared to 1H22,” NagaCorp said. “The Group’s management believes that win rates should normalize with less volatility in the long run as the base of our business volumes continue to grow.”
NagaWorld’s results for the first nine months of 2022 combined were considerably higher than the same period in 2021, which included a lengthy period of closure from 1 March until 15 September due to the pandemic.
Total GGR for the period climbed almost three-fold year-on-year to US$344.0 million including net gaming revenue of US$295.2 million.
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