The massive casino complex of NagaWorld, is enjoying a solid performance during the first nine months of the year.
Cambodia. – Cambodian casino operator NagaCorp presents preliminary numbers showing that its Phnom Penh’s NagaWorld casino complex recorded a gross gaming revenue (GGR) of about just €1.2 billion in the first nine months of the year. Representing an increase of 20.2% over the same period last year.
Net gaming revenue at the NagaWorld Complex has seen an even bigger year-on-year jump. The overall complex as recorded a net gaming revenue of about €564.5 million during the first nine months of the year.
Past, Present and Future
The original NagaWorld opened in 2006 and is now seen as Naga 1. That property now links to Naga 2, an expansion that opened in November 2017.
Another expansion project is anticipated, Naga 3, which was recently approved by shareholders. The project, three times larger than Naga 1 and Naga 2 combined, has a budget of €3.2 billion and could be ready by 2025. It is expected to be a mix of gaming and non-gaming, with two 66-storey hotels, two 45-storey hotels, one 48-storey condominium hotel, one three-level basement and an 11-level multi-entertainment podium.
In addition to the upcoming Naga 3, the firm also plans to refurbish 500 hotel rooms, out of the 750 available at Naga 1. “It is anticipated that the Naga 1 upgrade project shall be completed with savings” based on the project’s original budget and to “contribute positively to the quality, standard and comfort of Naga 1 and hence business of the group” said the firm.
Naga’s Plans moving Forward
NagaWorld has continued to grow over the years and, with that growth, the property has been able to attract more business. The company identified political stability in Cambodia, an improving operating environment, business growth at Naga 2, tourism and the expansion of its VIP gaming business among the reasons for its results for the first nine months of 2019.
“The financial results for the nine months ended September 30, 2019 show that the group continues its journey of growth,” said NagaCorp in its Wednesday filing.
The firm has an exclusive license to operate casinos in Phnom Penh and its surroundings. That type of control, coupled with a recent ban on online gambling, is going to continue to drive the company’s revenue upwards.