NagaCorp sees GGR rise in 2024

Gross gaming revenue was up 5.5 per cent in year-on-year terms.

Cambodia.- Casino operator and developer NagaCorp has shared its results for the year 2024. It posted GGR of US$542.9m, up 5.5 per cent year-on-year. Net gaming revenue was US$480.3m, an increase of 8 per cent in year-on-year terms.

Mass Market GGR grew by 17.2 per cent in year-on-year terms from US$337m to US$395m. The premium VIP market saw a 15.3 per cent drop in business volume, generating US$103.1m in revenue.

The company posted a net profit of US$109.6m, down by 38.3 per cent in year-on-year terms. The decline was mainly attributed to a non-cash impairment loss of US$89.1m related to the company’s Vladivostok project. Unaudited preliminary earnings before interest, tax, depreciation and amortisation (EBITDA) were US$202.8m, down 31.3 per cent year-on-year.

The casino operator said: “The group remains optimistic about its long-term growth prospects with Cambodia’s ongoing economic recovery and political stability demonstrating strong fundamentals for its continued expansion in the years ahead.

“NagaWorld, as the only integrated resort in Phnom Penh, will continue to thrive by attracting more visitors seeking entertainment and luxurious lifestyle offerings at competitive prices and value. The development of Naga 3 as a leading tourism asset for Cambodia aligns with the government’s broader vision and commitment in bolstering the tourism sector. This initiative positions Naga 3 as a key contributor to the regional tourism landscape, showcasing a shared dedication to elevating the global presence of Cambodia’s tourism.”