NagaCorp reports great 2017 performance
NagaCorp reported an 85 per cent raise in GGR during 2017, as well as a 25 per cent increase in earnings.
Cambodia.- Casino operator NagaCorp has revealed its official 2017 results and reported great numbers for the year. According to a recent filing, GGR increased 85 per cent to US$926 million and earnings reached US$319.7 million after growing by 25 per cent, while net profit also improved 39 per cent to US$255.2 million.
The Cambodian company reported that tourist visitation was up 12 per cent to 5.6 million visitors in the country, causing VIP gambling turnover to rise 142 per cent to US$21.1 billion, as VIP win rate improved 0.4 points to 3 per cent. That pushed VIP revenue up 177 per cent to US$625.3 million. Furthermore, mass market table buy-ins rose 28 per cent to US$788 million and mass table revenue improved 15 per cent to US$149.7 million.
NagaCorp revealed that the VIP market, which accounted for 65 per cent of its revenue, it accounted for only 33 per cent of gross profit. Moreover, the mass market business accounted for 32 per cent of revenue and 62 per cent of profit thanks to a 98 per cent margin.
The Hong Kong-listed company advanced it expects to continue to report good results during 2018 as its casino offer in Asia and its relationships with VIP junket operators keep thriving.
