NagaCorp, operator of NagaWorld in Phnom Penh, Cambodia, reported a 13.7% year-on-year decline in gross gaming revenue to US$109.9 million in the three months to 31 March 2022, heavily impacted by the decline of VIP gaming.
However, the 1Q22 results were significantly improved on the final quarter of 2021, while all mass gaming segments showed both year-on-year and sequential improvements following the recent lifting of most COVID-19 restrictions.
According to details released by NagaCorp overnight, VIP rolling fell 92.9% year-on-year to US$177.7 million and VIP GGR by 93.1% to US$4.3 million.
But mass table GGR grew 73.5% year-on-year to US$51.6 million and EGM GGR by 64.1% to US$25.2 million. Premium mass also saw GGR rise by 53.3% to US$28.8 million.
Compared to 4Q21, NagaCorp said its average daily net gaming revenue from the mass table segment grew 52.5% in 1Q22 to US$572,000, with EGMs up 15.2% sequentially to US$280,000 and premium mass by 16.5% to US$212,000.
In total, average daily net gaming revenue across all segments grew by 33.4% sequentially in Q1 to US$1.08 million, up from US$808,000 in 4Q21.
Group-wide Adjusted EBITDA increased 83.3% quarter-on-quarter to US$60.5 million, while the group’s cash and cash equivalents increased from US$102.7 million as of 31 December 2021 to US$162.7 million as of 31 March 2022.
“Such increase is mainly due to the continued recovery of business volumes, improved cost efficiency post rationalization program and prudent cash expenditures [decisions] from the company’s management,” the company said.
NagaCorp, which recently reported a US$147 million loss in 2021, was forced to shut down casino operations from 1 March 2021 until 15 September 2021 due to COVID-19.
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