NagaWorld casino in Cambodia posts higher profit

During 2018, Phnom Penh’s NagaWorld casino saw its net profit increase increase by 53% to €345 million.

Cambodia.- NagaCorp posted a 53% net profit increase in its Phnom Penh casino after reaching €345 million in 2018. The company recently released its yearly report and showed its winnings were higher than all the local commercial banks in 2017 combined.

Besides the net profit peak, GGR also jumped by 55% to €1.2 billion, with NagaCorp reportedly paying €7.78 million in income tax last year.

According to the director-general of the General Department of Financial Industry at the Ministry of Economy and Finance, Mey Vann, NagaWorld posted unaudited figures. He explained that the government collected more than the company says in 2013 and 2014, with considerably smaller revenue.

“We have not finalised the auditing process. Let’s wait for the Ministry and the General Department of Taxation to finalise its audited report and see how the firm will adjust its report at the stock exchange,” he told The
Phnom Penh Post and added: “The actual tax amount that the firm pays us will be bigger than the amount it released at the stock exchange in [Hong Kong].”

NagaCorp’s report shows that the sharp increase in VIP gamblers and Chinese tourists contributed to the massive increase in profits during 2018.

Furthermore, company chairman Timothy Patrick McNally highlighted the success of the business and advanced the group is ready for the development of Naga3.

“Based on feedback from stakeholders [including players, visitors, junket operators and investors], the group is confident that additional capacity is necessary to further fuel business growth [in both gaming and non-gaming] to position the group as one of the most successful integrated resorts in Asia,” he said in the filling.