{"id":22150,"date":"2021-08-31T12:12:29","date_gmt":"2021-08-31T15:12:29","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=22150"},"modified":"2026-04-23T16:07:25","modified_gmt":"2026-04-23T19:07:25","slug":"nagacorp-posts-losses-of-us77-2m-for-h1","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/nagacorp-posts-losses-of-us77-2m-for-h1","title":{"rendered":"NagaCorp posts losses of US$77.2m for H1"},"content":{"rendered":"\n

NagaCorp has posted a loss of US$77.2m for the first half of the year, compared to a profit of US$20.6m in H1 2020.<\/p>\n\n\n\n\n\n\n\n

Cambodia.- Casino operator and developer NagaCorp has shared its financial results for the first half of the year<\/strong>, posting a loss of US$77.2m.<\/p>\n\n\n\n

NagaCorp\u2019s earnings before interest, taxation, depreciation and amortisation (EBITDA) for the period was US$11.2m, compared with US$88.7m during the first half of 2020. Gross gaming revenue (GGR) reached US$129.3m<\/strong>, down 65.2 per cent year-on-year. <\/p>\n\n\n\n

Company-wide revenue was US$130.4m, down 65.4 per cent from US$377.5m. GGR from the VIP market declined 70.3 per cent to US$80.5m while the mass-table segment <\/strong>was down 56.4 to US$29.9m.<\/p>\n\n\n\n

NagaCorp’s electronic table game operations revenue was down 42 per cent <\/strong>to US$18.9m and hotel room income, including sales of food and beverages, declined 79.9 per cent from US$5.5m to US$1.1m.<\/p>\n\n\n\n

The company paid US$11.6m in taxes <\/strong>for the first six months of 2021, compared to US$13.6m in the first half of 2020. NagaCorp had a casino tax bill of US$6.6m<\/strong>, a gaming obligation payment of US$2m and a monthly non-gaming obligation payment of US$214,338.<\/p>\n\n\n\n

The company said it had cash and deposits amounting to US$275m<\/strong> and said it had “sufficient liquidity and cash reserves to fund cash expenditures during the voluntary temporary suspension of business operations.”<\/p>\n\n\n\n

NagaWorld<\/a> suspended operations in March after 11 staff members tested positive for Covid-19<\/strong>. The company has since announced close to 600 layoffs<\/strong>, a move that has been highly criticised by unions.<\/p>\n\n\n\n

It is still unknown when NagaWorld will be allowed to reopen<\/strong> although authorities said it may be allowed to reopen in the fourth quarter of 2021 amid a rise in vaccination rates.<\/p>\n\n\n\n

In June, NagaCorp <\/strong>completed an issue of US$200m in 7.95 per cent senior notes<\/strong>. The group had previously stated that after fees, commissions and expenses, the net proceeds would amount to US$211.6m<\/strong>.<\/p>\n\n\n\n

Moody\u2019s Investor Service Inc<\/strong> has predicted NagaCorp\u2019s revenue<\/a> will reach 40 per cent of 2019 levels this year but won\u2019t see a full recovery until 2022. Analysts said the recovery will depend on a reopening of NagaWorld in the second half of 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"

NagaCorp has posted a loss of US$77.2m for the first half of the year, compared to a profit of US$20.6m in H1 2020.<\/p>\n","protected":false},"author":176,"featured_media":17326,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"NagaCorp reported a US$77.2m loss for H1 2021, a significant reversal from H1 2020 profit, primarily due to the voluntary suspension of NagaWorld's operations in Cambodia. Gross Gaming Revenue plummeted 65.2% to US$129.3m, impacting all gaming verticals. Despite liquidity concerns, the company secured US$200m in senior notes, with analysts projecting a partial recovery in Q4 2021 contingent on reopening.","focusai_entities":"NagaCorp, NagaWorld, Moody's Investor Service Inc","focusai_location":"Cambodia","focusai_target_profile":"ceo_executive (1.0), regulator (0.8), compliance_legal (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"NagaWorld Reopening Impact","query":"What specific regulatory and public health milestones must NagaCorp achieve to secure the Q4 2021 reopening of NagaWorld, and what is the projected GGR ramp-up post-reopening?"},{"label":"Liquidity & Debt Structure","query":"How does the recent US$200m senior notes issuance impact NagaCorp's long-term debt servicing capacity and capital expenditure plans, given the sustained operational losses?"}],"footnotes":""},"categories":[16336,163],"tags":[23907,2336],"class_list":["post-22150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-finance-news","tag-land-based-casino","tag-nagacorp"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22150","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=22150"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22150\/revisions"}],"predecessor-version":[{"id":22194,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22150\/revisions\/22194"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17326"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=22150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=22150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=22150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}