{"id":22726,"date":"2021-09-17T08:30:18","date_gmt":"2021-09-17T11:30:18","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=22726"},"modified":"2021-09-17T13:52:17","modified_gmt":"2021-09-17T16:52:17","slug":"nagaworld-reopens-after-six-months-of-temporary-closure","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/nagaworld-reopens-after-six-months-of-temporary-closure","title":{"rendered":"NagaWorld reopens after six months of temporary closure"},"content":{"rendered":"\n<p>NagaWorld in Cambodia has reopened after being closed for nearly six months due to Covid-19 cases.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Cambodia.-\u00a0<a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/cambodia-nagaworld-remains-closed-due-to-new-covid-19-restrictions\">NagaCorp<\/a>\u00a0has finally been<strong>\u00a0allowed to reopen its casino in Cambodia\u00a0<\/strong>after six months of closure due to Covid-19. <strong>NagaWorld is located in Phnom Penh<\/strong>, a city with one of the world\u2019s highest fully vaccinated rates at around 99 per cent.<\/p>\n\n\n\n<p>According to\u00a0<strong>Timothy McNally, NagaCorp chairman<\/strong>, the company has been allowed to resume operations as authorities seek to reopen the economy. The casino venue suspended operations in March\u00a0<strong>after 11 staff members tested positive for Covid-19<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">NagaCorp posts losses of US$77.2m for H1<\/h2>\n\n\n\n<p>NagaCorp has shared its financial results for the first half of the year, posting a loss of US$77.2m. 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.\u00a0<\/p>\n\n\n\n<p><strong>Gross gaming revenue (GGR) reached US$129.3m<\/strong>, down 65.2 per cent year-on-year. 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\u00a0<strong>mass-table segment\u00a0<\/strong>was down 56.4 to US$29.9m.<\/p>\n\n\n\n<p>NagaCorp\u2019s&nbsp;<strong>electronic table game operations revenue was down 42 per cent&nbsp;<\/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<p>The company&nbsp;<strong>paid US$11.6m in taxes&nbsp;<\/strong>for the first six months of 2021, compared to US$13.6m in the first half of 2020.&nbsp;<strong>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<p>The company said it had&nbsp;<strong>cash and deposits amounting to US$275m<\/strong>&nbsp;and said it had \u201csufficient liquidity and cash reserves to fund cash expenditures during the voluntary temporary suspension of business operations.\u201d<\/p>\n\n\n\n<p><strong>Moody\u2019s Investor Service Inc<\/strong>&nbsp;has predicted&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/nagacorp-revenue-to-reach-40-of-pre-pandemic-levels-in-2021\" rel=\"noreferrer noopener\">NagaCorp\u2019s revenue<\/a>&nbsp;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":"<p>NagaWorld in Cambodia has reopened after being closed for nearly six months due to Covid-19 cases.<\/p>\n","protected":false},"author":176,"featured_media":18729,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"footnotes":""},"categories":[28,158,16333],"tags":[16344,2336,21297],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22726"}],"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=22726"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22726\/revisions"}],"predecessor-version":[{"id":22742,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22726\/revisions\/22742"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18729"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=22726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=22726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=22726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}