NagaCorp GGR down 21.5% amid VIP weakness
The operator’s September-quarter results point to a sharper deterioration in gaming activity.
Key takeaways
- NagaCorp’s GGR fell 21.5 per cent to US$417.9m for the first nine months of the year. Net gaming revenue dropped 16.7 per cent to US$388.7m and premium VIP GGR declined 40.1 per cent to US$65.8m.
- Q3 GGR fell 43 per cent year-on-year to US$114.2m.
- NagaCorp cited weaker regional travel, higher airfares and fewer direct international flights as factors affecting VIP demand.
Cambodia.- NagaCorp reported gross gaming revenue (GGR) of US$417.9m for the first nine months of 2026. That’s a drop of 21.5 per cent year-on-year amid a sharp decline in VIP play. NagaCorp did not report separate quarterly GGR in the filing. However, its first-half results and nine-month figures indicate that GGR fell to about US$114.2m in the third quarter, compared with US$200m a year earlier.
In the unaudited operational update filed with the Hong Kong Stock Exchange on October 2, the Cambodia casino operator reported net gaming revenue of US$388.7m for the nine months ended September 30, down 16.7 per cent from the same period last year,
Premium VIP GGR fell 40.1 per cent year-on-year to US$65.8m, while rolling volume dropped 55.4 per cent to US$2.09bn. Referral VIP GGR declined 72.5 per cent to US$15.9m, with rolling volume falling 75.6 per cent to US$500.3m. The deterioration appears to have been more pronounced in the September quarter. Premium VIP GGR was US$12m in Q3, down about 71 per cent from a year earlier, while referral VIP GGR fell about 83 per cent to US$4.5m.
Mass-market gaming also weakened after helping to offset some of the VIP pressure earlier in the year. Public-floor table GGR declined 10 per cent to US$232.7m for the nine-month period, while table buy-ins fell 12.9 per cent to US$981.7m. Electronic gaming machine GGR decreased 2.5 per cent to US$103.4m despite bills-in rising 9.7 per cent to US$2.37bn.
The quarterly figures point to a sharper slowdown in both mass-market segments. Public-floor table GGR was about US$66.3m in Q3, down roughly 31 per cent year-on-year, while electronic gaming machine GGR fell about 12 per cent to US$31.5m.
The shift followed a comparatively stronger first half. NagaCorp’s mass-market GGR had reached US$238.3m by June 30, including US$166.4m from public-floor tables and US$71.9m from electronic gaming machines. Premium VIP and referral VIP GGR stood at US$53.9m and US$11.5m, respectively.
NagaCorp, which operates NagaWorld in Phnom Penh under its casino monopoly licence for the Cambodian capital, had already identified several factors affecting VIP demand in its 2026 interim results. The company pointed to weaker regional leisure and business travel, higher airfares linked to jet-fuel costs, fewer direct international flights to Cambodia and lingering international concerns related to online scam activities. It said these conditions had a greater effect on VIP customers because the segment relies heavily on cross-border business, premium leisure travel and high-net-worth players.
