{"id":777013294,"date":"2024-02-20T10:04:36","date_gmt":"2024-02-20T13:04:36","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777013294"},"modified":"2026-04-22T12:50:52","modified_gmt":"2026-04-22T15:50:52","slug":"nagacorp-posts-ggr-of-us514-8m-for-2023","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/nagacorp-posts-ggr-of-us514-8m-for-2023","title":{"rendered":"NagaCorp posts GGR of US$514.8m for 2023"},"content":{"rendered":"\n<p>NagaCorp\u2019s gross gaming revenue (GGR) grew by 15.5 per cent year-on-year.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Cambodia.- Casino operator and developer<strong> NagaCorp <\/strong>has shared its results for the year 2023. It posted a <strong>GGR of US$514.8m<\/strong>, up 15.5 per cent&nbsp;<a href=\"https:\/\/focusgn.com\/asia-pacific\/nagacorp-posts-ggr-of-us445-9m-for-fy22\" target=\"_blank\" rel=\"noreferrer noopener\">year-on-year<\/a>. Unaudited preliminary earnings before interest, tax, depreciation and amortisation (EBITDA) was US$295.3m, up 20.3 per cent year-on-year.<\/p>\n\n\n\n<p>The company posted<strong> a net profit of US$177.7m<\/strong>, up by 65.7 per cent in year-on-year terms.\u00a0Non-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.<\/p>\n\n\n\n<p>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.\u00a0The 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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>The company&#8217;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. T<strong>he company&#8217;s net debt<\/strong> stood at US$103.4m. The company&#8217;s net debt to equity ratio was 5.1 per cent, and the net debt to FY2023 EBITDA was 0.35 times.<\/p>\n\n\n\n<p><strong>See also:<\/strong>&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/nagaworld-ggr-to-grow-26-in-2024-analysts-say\" rel=\"noreferrer noopener\">NagaWorld GGR to grow 26% in 2024, analysts say<\/a><\/p>\n\n\n\n<p>NagaCorp said: &#8220;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.\u00a0<\/p>\n\n\n\n<p>&#8220;Moreover, increasing flight frequency and new routes boost access for foreign customers, which is beneficial for NagaWorld\u2019s property footfall. As Cambodia\u2019s economy expands and global travel rebounds, <strong>the group is well positioned as the sole integrated resort offering both gaming and non-gaming lifestyle facilities<\/strong> to capitalise on the influx of leisure and business-related travellers returning to Cambodia.&nbsp;<\/p>\n\n\n\n<p>&#8220;Furthermore,<strong> the development of Naga 3 as a leading tourism asset for Cambodia<\/strong>, indicates the Company\u2019s alignment with the Cambodian government\u2019s vision and commitment to bolstering the Cambodian tourism sector.&nbsp;<\/p>\n\n\n\n<p>&#8220;This initiative positions Naga 3 as a key contributor in the regional tourism landscape, showcasing a shared dedication to elevating Cambodian tourism.&#8221;&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NagaCorp\u2019s gross gaming revenue (GGR) grew by 15.5 per cent year-on-year.<\/p>\n","protected":false},"author":176,"featured_media":18779,"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 robust financial performance for 2023, with GGR increasing by 15.5% to US$514.8m and net profit surging by 65.7% to US$177.7m. This growth was primarily driven by the recovery in mass market and Premium VIP segments, fueled by increased business and leisure travel to Cambodia, alongside strategic cash management. The company anticipates continued tourism sector recovery, leveraging its integrated resort offering and the Naga 3 development to capitalize on international travel rebound.","focusai_entities":"NagaCorp, NagaWorld, Cambodian government","focusai_location":"Cambodia","focusai_target_profile":"ceo_executive (1.0), regulator (0.7), compliance_legal (0.7), operator_casino (1.0), marketing_crm (0.8), payments_fraud_aml (0.7), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Naga 3 Development Impact","query":"What is the projected timeline and capital expenditure for Naga 3, and how is its development expected to alter NagaCorp's competitive landscape and market share within the regional integrated resort sector?"},{"label":"VIP Segment Sustainability","query":"Given the significant recovery in the Premium VIP market, what specific strategies is NagaCorp implementing to mitigate regulatory risks associated with referral VIP agents and ensure sustainable growth in this high-value segment?"}],"footnotes":""},"categories":[157,16333],"tags":[2336],"class_list":["post-777013294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-nagacorp"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777013294","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=777013294"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777013294\/revisions"}],"predecessor-version":[{"id":777013318,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777013294\/revisions\/777013318"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18779"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777013294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777013294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777013294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}