NagaCorp posts GGR of US$109.9m for Q1

NagaCorp reported a 83.3 per cent increase in EBITDA.
NagaCorp reported a 83.3 per cent increase in EBITDA.

NagaCorp has released its financial results for the first quarter of the year 2022, reporting a drop in gross gaming revenue but increase in EBITDA.

Cambodia.- Casino operator and developer NagaCorp has shared its operating results for the first quarter of the year 2022. The company posted gross gaming revenue of US$109.9m, a decline of 13.7 per cent when compared to Q1 in 2021. However new gaming revenue was up at US$1.08m.

NagaCorp reported earnings before interest, tax, depreciation and amortization (EBITDA) of US$60.5m, up 83.3 per cent quarter-on-quarter and 57.4 per cent year-on-year. Mass-market table games saw average daily net gaming revenue of US$572,000 and mass-market electronic gaming machines US$280,000.

Premium mass-market daily net gaming revenue was US$212,000, up 16.5 per cent, while the VIP average daily net gaming revenue was US$13,000, up 62.5 per cent quarter-on-quarter.

The company said its business environment continues to improve amid a decline in new Covid-19 cases in Cambodia and an easing of pandemic-related international travel restrictions in Southeast Asian countries.

NagaCorp said: “The company currently believes that travellers from these potential markets and the traveller-friendly policies by the Cambodian government will help to restore the tourism industry in Cambodia in 2022 and hence, drive up the headcounts in our properties.”

The company reported that 4.1 million domestic travellers were recorded in the first 34 days of 2022.

More NagaWorld workers arrested during strike action

Last week, another 140 people were arrested for breaching Covid-19 health protocols. They were reportedly taken to an isolation centre on the outskirts of Phnom Penh for quarantine before being released a few hours later.

An SreyPe, who was present at the strikes, told RFA’s Khmer Service: “The authorities rushed in with anger. They assaulted and cursed the women among us, but our demands continue to be the same. We will protest until we have a solution.”

NagaWorld employees went on strike on December 18 2021 in protest against NagaCorp’s layoffs and pay cuts, which the country said were necessary to improve cost efficiency due to the impact of the Covid-19 pandemic.

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