NagaCorp posts GGR of US$514.8m for 2023

NagaCorp has reported full-year revenue.
NagaCorp has reported full-year revenue.

NagaCorp’s gross gaming revenue (GGR) grew by 15.5 per cent year-on-year.

Cambodia.- Casino operator and developer NagaCorp has shared its results for the year 2023. It posted a GGR of US$514.8m, up 15.5 per cent year-on-year. Unaudited preliminary earnings before interest, tax, depreciation and amortisation (EBITDA) was US$295.3m, up 20.3 per cent year-on-year.

The company posted a net profit of US$177.7m, up by 65.7 per cent in year-on-year terms. Non-gaming revenue was US$18.45m, up 24.5 per cent when compared to the previous year. The average daily mass marker business volume grew by 7.2 per cent in year-on-year terms from US$9.3m to US$9.9m. The figure represented a recovery of 82.3 per cent compared to 2019, prior to the Covid-19 pandemic.

The Premium VIP Market saw an increase of 46.5 per cent in daily rollings, averaging US$11.7m. This represented a recovery of 97.7 per cent compared to pre-pandemic levels. The growth was primarily driven by the growing expatriate community and the recovery of business-related travel to Cambodia, which saw a 73.7 per cent recovery in 2023. Some 71.9 per cent of Chinese visitor arrivals were for business purposes.

The Referral VIP Market reached US$5.2m due to the gradual return of both leisure and business-related visits. The casino operator said it aims to continue working with trustworthy referral VIP agents in the future.

The company’s cash and bank balances increased from US$175.2m to US$367.6m. According to NagaCorp, this increase can be attributed to its continued business volume recovery and careful cash spending strategy. The company’s net debt stood at US$103.4m. The company’s net debt to equity ratio was 5.1 per cent, and the net debt to FY2023 EBITDA was 0.35 times.

See also: NagaWorld GGR to grow 26% in 2024, analysts say

NagaCorp said: “The group believes that the tourism sector will maintain its recovery momentum and is expected to see a surge in demand driven by the return of international travel. 

“Moreover, increasing flight frequency and new routes boost access for foreign customers, which is beneficial for NagaWorld’s property footfall. As Cambodia’s economy expands and global travel rebounds, the group is well positioned as the sole integrated resort offering both gaming and non-gaming lifestyle facilities to capitalise on the influx of leisure and business-related travellers returning to Cambodia. 

“Furthermore, the development of Naga 3 as a leading tourism asset for Cambodia, indicates the Company’s alignment with the Cambodian government’s vision and commitment to bolstering the Cambodian tourism sector. 

“This initiative positions Naga 3 as a key contributor in the regional tourism landscape, showcasing a shared dedication to elevating Cambodian tourism.” 

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