Nagacorp increases VIP volume
The company that runs NagaWorld in Cambodia reported a 67 percent increase in VIP volume.
Cambodia.- Nagacorp revealed that VIP rollings improved 67 percent to US$11 billion in the nine month period ended September 30. The good results were due to the benefits from increased visitors from China to the country.
Mass table buy ins for the nine month period were US$566 million, a 34 percent rise, whilst electronic gaming machines bills improved 16 percent to US$1.3 billion. Nagacorp is supposed to open the Naga2 complex in the upcoming weeks.
Grant Govertsen, analyst from Union Gaming, said in a note that all segments continued to show a good and strong growth and they’re on pace with full 2H17. Just in the third quarter VIP volume gained 57 percent, a 26.7 percent increase for mass and a 17.1 for slots and EGMs.
“Our full 2H17 VIP volume estimate is +64 percent and includes the benefit of Naga2 for the last two months of the year. Given the current trajectory of VIP, in addition to what should be a VIP spike post Naga2 opening, upside to our VIP estimate is likely,” said Govertsen.
