NagaCorp repurchases senior notes due to mature July 2024

NagaCorp has announced that it has repurchased 2024 senior notes of an aggregate principal amount of US$1.6m.

Cambodia.- Casino operator and developer NagaCorp has issued a statement about its 7.95 per cent senior notes with maturity on July 6, 2024. The casino operator said that between August 9 and 10 it had repurchased notes of an aggregate principal amount of US$1.6m, representing approximately 0.29 per cent of the aggregate principal amount of the 2024 Senior Notes. 

The board expects to cancel the repurchased 2024 Senior Notes, which will thereafter cease to be outstanding. NagaCorp also reported that it will continue to monitor the market conditions and its financial structure and may further repurchase the outstanding 2024 Senior Notes as and when appropriate.

It said: “Holders of the 2024 Senior Notes and other securities of the company as well as potential investors should note that any repurchase of the 2024 Senior Notes from time to time by the company will be subject to market conditions and will be at the board’s sole and absolute discretion.”

NagaCorp has recently shared its operating results for the first half of the year. It posted gross gaming revenue of US$52.7m, up 83.6 per cent when compared to H1 in 2021. The company reported earnings before interest, tax, depreciation and amortization (EBITDA) of US$130.1m and a net profit of US$52.7m compared with a US$77.2m loss for the first half of 2021. Revenue was US$243m, up 86.3 per cent.

NagaCorp said it continues to focus on the execution of its existing development projects. The development of Naga 3 is in progress. It is expected that the combined NagaWorld complex will have approximately 5,000 hotel rooms, 1,300 gaming tables and 4,500 EGM and many other non-gaming attractions.