NagaCorp first-half GGR falls 8.6% amid sharp decline in VIP gaming
The operator said weaker regional travel, higher airfares, fewer direct flights and concerns surrounding online scams affected its VIP business.
Cambodia.- The gaming operator NagaCorp recorded lower earnings for the first half of 2026 as a sharp fall in VIP gaming revenue offset gains from mass-market play at NagaWorld. The group reported US$144.0m in profit attributable to shareholders for the six months to June 30, down 3.2 per cent from US$148.8m a year earlier. Operating profit fell to US$144.7m from US$154.9m, while EBITDA decreased 2.4 per cent to US$195.4m.
The decline came as gross gaming revenue (GGR) fell 8.6 per cent to US$303.7m. Consolidated revenue was down 8.4 per cent at US$313.2m.
The main pressure came from the VIP segment, where GGR fell 34.8 per cent to US$65.3m. Premium VIP rolling volume dropped 50.2 per cent, while referral VIP rolling volume declined 67.6 per cent. GGR from mass tables and electronic gaming machines increased 2.7 per cent to US$238.3m, supported by a 6.2 per cent rise in combined table buy-ins and electronic gaming machine bills-in.
NagaCorp attributed the weaker VIP performance to reduced travel from Asia-Pacific markets, higher airfares caused by increased aviation fuel costs and a reduction in direct international flights to Cambodia. Cambodia recorded 1,751,886 international arrivals during the first half, a 47.9 per cent year-on-year reduction, according to the country’s tourism ministry. NagaCorp also reported a 5.9 per cent decline in weekly direct international flights into Cambodia, from 539 in August 2025 to 507 in its latest filing. The company also said negative perceptions linked to online scam activity had affected the country’s image as a travel destination.
The company’s results indicate that the weakness became more pronounced in the second quarter. NagaCorp’s GGR fell to about US$129m in the second quarter, based on the company’s reported first-half GGR of US$303.7m and first-quarter GGR of US$174.7m. The figure was about 20 per cent lower than the estimated US$161.1m recorded in the second quarter of 2025 and 26.2 per cent below the first-quarter result.
VIP GGR is estimated at US$20.2m for the second quarter, down 46.9 per cent from a year earlier. Mass-market GGR was about US$108.7m, representing an 11.6 per cent year-on-year decline for the quarter. NagaCorp also pointed to the FIFA World Cup as a factor. Matches during the tournament, which ran from June 11 to July 19, overlapped with hours when the casino typically attracts customers, potentially reducing visits.
NagaCorp recorded US$19.55m in gaming tax for the first half, compared with US$21.26m a year earlier. The group had 5,944 employees at the end of June, down from 6,042 a year earlier. The company declared an interim dividend of US$0.98 cents per share, compared with US$1.10 cents for the first half of 2025. The company said the US$70m shareholder loan was fully repaid in May and that it had no outstanding borrowings at June 30.
