NagaWorld Records Impressive Q2-2023 US$ 83M Profit, Surge of 57%

• 25 July 2023
• Property Focus
• 2003 Views

Hong Kong-based NagaCorp proudly reports NagaWorld’s soaring success in Cambodia, as the net profit for the second quarter of 2023 surged by an impressive 57.4%, reaching a remarkable US$83 million. The significant increase in profit can be attributed to the resurgence of tourism in Cambodia from ASEAN countries and the gradual return of business travelers from China, significantly bolstering NagaWorld’s revenue growth.

NagaCorp, a key player in the entertainment and hospitality sector, revealed a total revenue surge of 7.9%, now standing at US$252.3 million, with EBITDA soaring by 10.1% to an impressive US$143.2 million.

The recovery was clearly evident in the Gross Gaming Revenue (GGR) chart, with NagaWorld’s GGR reaching US$98 million and Electronic Gaming Machines (EGM) GGR hitting US$64.9 million. Premium VIP GGR amounted to US$62.9 million, while Referral VIP generated US$26.5 million.

The second quarter’s stellar performance showcased a steady growth across all sectors compared to the first quarter of March 2023, a positive indicator of the company’s resilience and adaptability in the dynamic market landscape.

Buoyed by the return of Chinese tourists and international business travelers, NagaCorp remains bullish on its revenue outlook in the forthcoming months. The company expressed confidence that Cambodia’s revenue will continue its upward trajectory, as the country experiences an influx of tourists and anticipates an increase in foreign direct investment, fueling the growth of local and foreign investors.

With NagaWorld established as one of Phnom Penh’s premier resorts and entertainment hubs, the company foresees abundant opportunities to cater to a growing customer base seeking exceptional entertainment and luxury lifestyle experiences at competitive and accessible prices. Hence, NagaCorp retains a positive long-term outlook, steadfast in its belief that the future remains bright and stable.

• Business and Market
• Economy and Finance