NagaCorp’a financial results for the financial year 2021 reflect the impact of the temporary suspension of operations due to the Covid-19 pandemic in Cambodia.
Cambodia.- Casino operator and developer NagaCorp has shared its operating results for the financial year ended 31 December 2021, reporting gross gaming revenue (GGR) of US$223.5m. The company reported earnings before interest, tax, depreciation and amortization (EBITDA) of US$15.6m and Adjusted EBITDA of US$22.4m.
Mass-market table games reached a GGR of US$66.5m and mass-market electronic gaming machines US$44m. The premium mass-market GGR was US$48.7m, while the recommended VIP market GGR was US$64.4m.
In the fourth quarter of 2021 (after business resumption), the company’s business volume in the premium mass, EGM and mass table segments recorded an average quarter-on-quarter growth of 28.7 per cent, 47.5 per cent and 27.5 per cent, respectively.
Although the period of closure due to the Covid-19 pandemic was longer in 2021 compared to 2020, the company’s business volume recovered faster after the second reopening.
The company said it continues to focus on executing its existing development projects and said it is committed to developing and completing the Naga 3 project to promote and enhance Cambodia’s tourism industry.
According to the casino operator, “the NagaWorld complex is expected to make the group one of the largest riverside integrated resorts and entertainment centres in the Asia-Pacific region.”
Global economic conditions are expected to continue to recover as vaccination programmes and booster shots are rolled out. Domestic economic activity, including retail and wholesale, transportation and domestic tourism, is expected to grow steadily as Cambodia’s economy reopens, while international tourism, hotels and restaurants are likely to recover more slowly.
NagaCorp stated: “The company expects to continue its current growth recovery in a Covid-19 endemic world, and believes that the long-term business prospects and outlook of the group will remain stable.”
NagaWorld denies targeting union members during layoffs
NagaWorld has denied allegations that it specifically targeted union employees when it laid off staff last year. The layoffs led to a month-long strike by casino workers and the arrest of senior union leaders and members.
In a statement posted by Fresh News and shared by VOD, the company has defended its decision to lay off workers due to economic difficulties caused by the Covid-19 pandemic. The casino operator laid off more than 1,300 workers, most of whom received compensation packages. Nearly 400 workers rejected the packages and more than 200 demanded reinstatements.
NagaWorld denied picking union members and claimed union membership only dropped from 47 per cent to 42 per cent after the layoffs. However, according to the International Trade Union Confederation, 1,100 of the 1,329 laid-off workers are union members.