Hong Kong-listed NagaCorp has credited the launch of a new high-limit premium mass gaming area at its NagaWorld integrated resort in Phnom Penh, Cambodia, for driving a 5.5% increase in gross gaming revenues to US$542.9 million in 2024.
While the VIP segment continued to decline, the mass market table games segment booked a 28% increase in revenue to US$269.3 million on the back of a 14% increase in buy-ins to US$1.33 billion.
In a filing, NagaCorp said this was supported by the recovery in international visitation as well as the successful implementation of the high-limit gaming area at NagaWorld.
“This new zone was designed to attract premium mass customers with higher average spend and enhance table yield,” it explained. “In FY24, premium mass customers contributed 33.9% of total mass market tables GGR, a significant increase from 23.3% recorded in pre-pandemic financial year ended 31 December 2019.
“Additionally, the rollout of new side bet games on Mass Market Tables segment contributed to higher win rates. These efforts highlight the Company’s focus on refining product offerings and strengthening engagement with premium mass customers, laying a solid foundation for sustained growth.”
The electronic gaming machines segment saw bill-ins grow by 6% year-on-year to US$2.61 billion although GGR fell very slightly to US$125.7 million.
However, the company’s in-house or “premium VIP” segment saw rollings decline by 15% year-on-year to US$3.63 billion and GGR by 23% to US$103.1 million, albeit following 46.5% growth the previous year.
NagaCorp noted that the majority of its premium VIP customers are regional business owners, with the future growth potential of the segment supported by a 37.8% year-on-year increase in international business travellers to Cambodia in 2024 – mainly from China and Vietnam and with a smattering from Indonesia, Thailand and Taiwan.
In the referral VIP segment – those introduced by agents – GGR grew by 1% to US$44.8 million in 2024, the company added.
While overall GGR increase, NagaCorp’s net profit fell by 38.3% to US$109.6 million and Adjusted EBITDA by 31.3% to US$202.8 million due to a previously announced non-cash impairment loss of US$89.1 million recognized on its stalled Russian IR development in Vladivostok.
NagaCorp announced in March 2022 the indefinite suspension of its Vladivostok development, citing “various uncertainties” which allowed it to invoke a force majeure clause set out in its investment agreement. It still remains unclear if or when the development will resume.
