NagaCorp posts GGR of US$445.9m for FY22
Nagacorp’s gross gaming revenue grew 99.5 per cent on year-on-year terms.
Cambodia.- Casino operator and developer NagaCorp has shared its financial results for the year 2022. gross gaming revenue (GGR) grew from US$223.5m in 2021 to US$445.9m. Earnings before interest, tax, depreciation and amortization (EBITDA) reached US$245.4m and net profit US$107.3m.
The company noted that the results were mainly driven by the mass market segment. GGR for mass market tables was US$203.8m, up from US$66.5m in the previous year. GGR for mass-market electronic gaming machines was US$124.3m while the premium market generated GGR of US$91.4m.
NagaCorp said the recovery was fueled by the gradual recovery of Cambodia tourism and visitation to the property in line with the easing of travel restrictions regionally. In 2022, Cambodia received 2.28 million international tourists.
As for 2023’s prospects, the company said the National Bank of Cambodia (NBC) has projected 6 per cent economic growth in 2023 and that authorities expect as many as 4 million international tourists after China announced its reopening policy.
As such, NagaCorp is optimistic about the recovery of the tourism sector and believes that “the long-term prospects and outlook will remain stable.” The company continues to focus on the development of Naga 3 project. It is expected that the combined NagaWorld complex (Naga 1, Naga 2 and Naga 3) will have approximately 5,000 hotel rooms, 1,300 gaming tables, 4,500 EGMs and many non-gaming attractions.
Approximately 93 per cent of Naga 3’s gross floor area will feature non-gaming offerings, which is in line with the group’s long-term strategy of offering a suite of lifestyle products and services.