NagaCorp reports US$101.4m profit for 2020
NagaCorp has reported a profit for the full-year 2020 despite the impact of the Covid-19 pandemic.
Hong Kong.- Casino operator NagaCorp has reported net profit of US$101.4m for its 2020 financial year as revenues fell 49.9 per cent year-on-year to US$878.7m, down from US$1.76bn in 2019.
Traditional table games were the primary source of income, accounting for US$787.3m of revenue. Electronic table games generated US$82.4m.
Full-year EBITDA for 2020 came in at US$265.2m.
NagaCorp, which operates Naga World casino resort in Cambodia, said: “Since the re-opening of the casino businesses on 8 July, NagaCorp has recorded an initial recovery rate of about 95 per cent for the mass market segment and about 69 per cent for the VIP market segment”.
Nagaworld resort had to shut from April until July 2020 following Covid-19 restrictions.
The temporary suspension of activities generated a decrease in the cost of sales at US$451.7m, half the US$909.2m cost of sales recorded in the previous year.
Nagaworld has recently had to close its doors again after employees tested positive for Covid-19.
