Asian casino operator NagaCorp Limited has released its unaudited financial results for the first six months of 2017 reportedly showing that it experienced a 40% increase year-on-year in gross gaming revenues to $386.8 million.
According to a report from G3 Newswire, the Hong Kong-listed firm cited the “stable growth” of the Cambodian economy as the main factor behind its recent success as its half-year earnings before interest, tax, depreciation and amortization rose by 19% year-on-year to hit $181 million while its net profit of $150.6 million represented a swell of some 20%.
NagaCorp Limited is responsible for the NagaWorld casino and entertainments complex in Cambodia and explained that its overall revenues for the six-month period to the end of June enlarged by over 39% year-on-year to $401.6 million while its gross profit improved by 16% to $239.9 million.
“Our positive results were attributed to a combination of solid business strategy and acumen, operational and execution efficiency and an increasingly vibrant tourism market in a politically stable country, [which led] to an increase in business volumes across all segments of the gaming business,” read a statement from Timothy McNally, Chairman for NagaCorp Limited. “Today we operate the largest integrated leisure and gaming entertainment destination in the Mekong region.”
NagaCorp Limited explained that its overall half-year revenues from non-gaming activities of $14.8 million had represented a 4% boost year-on-year while its VIP takings advanced by 52% to $210.5 million. NagaWorld offers some 239 gaming tables and these saw their six-month revenues rise by 19% to $74.5 million while the property’s 1,660 slots experienced a 25% boost in takings to $101.8 million.
“The Cambodian economy has continued to register stable growth,” read the statement from McNally. “The International Monetary Fund is projecting real gross domestic product growth of 6.9% in 2017 and 6.8% in 2018 with an inflation rate of 3.2% and 3.1% respectively. In the first five months of 2017, visitation to Cambodia continued to grow with international arrivals increasing by 13% to 2.3 million visitors and arrivals at Phnom Penh International Airport growing by 19% over the same period. Visitation from China grew by 36% to 441,070 visitors, surpassing Vietnam to become the leading source of visitation to Cambodia.”