NagaCorp Ltd. is the largest hotel, gaming and leisure operator in Cambodia, and the Company has been listed on The Stock Exchange of Hong Kong Limited since 2006. In fact, NagaCorp became the first company with operations in Cambodia to become a public listed entity, as well as the first gaming-related company traded on the Stock Exchange. Our flagship, NagaWorld, is Phnom Penh’s only integrated hotel-casino entertainment complex, and we enjoy a 70-year casino licence that will run till 2065, as well as a 41-year monopoly within a 200km radius of Phnom Penh that expires in 2035.
Cambodian casino operator NagaCorp says it has completed its $200 million additional notes issue on June 15, 2021.
The voluntary temporary suspension of NagaCorp’s casino operations will have a significant impact on its earnings in 2021, says Moody’s Investor Services, which expects revenue to reach only around 40% of 2019 levels this year.
Nagacorp said it has raised $200 million through an additional note issue, which received strong support from investors.
Nagacorp, the operator of the only casino in the Cambodian capital, said it's seeking to cut its monthly run-rate costs by about $2 million through job cuts and other programs as it seeks to mitigate the impact of the pandemic.
Genting Berhad Chairman Lim Kok Thay slipped out of the top ten list of Malaysia's wealthiest tycoons as the pandemic took its toll on the casino business, while Nagacorp head Chen Lip Keong also took a dip in the rankings, compiled by Forbes.
Phnom Penh City Hall has imposed new restrictions as covid-19 cases in the capital city continue to surge. NagaWorld, the city’s only integrated resort operator has already been closed as of March 1.
Cambodia’s largest casino operator NagaCorp is reportedly laying off at least 600 of its workers, despite reporting a $102.3 million net profit in 2020, leaving casino workers perplexed.
Nagacorp shareholders have given the greenlight for a 2020 final dividend at the 2021 annual general meeting. The company succeeded in posting a net profit of $102.3 million in 2020 despite the Covid-19 pandemic.
Cambodia-based integrated resort operator NagaCorp says it has been informed by China Duty Free Group (CDFG) that it will be reopening its duty-free store located on NagaCity Walk starting on Thursday.
Cambodia’s largest casino operator is set to cut more than 1,300 jobs at its Phnom Penh casino and pay a fraction of the severance pay that staff are entitled to, according to a worker union leader.
Cambodian casino operator NagaCorp continues to be optimistic about the ASEAN travel bubble that is currently being considered by the country’s Ministry of Tourism.
Cambodia’s capital city could see a quieter than normal New Year festival if the number of covid cases continues to rise, according to government officials.
Nagacorp said its mass market business continued to improve in Q1, gaining sequentially from the second half of last year and returning to about 99 percent of its Q1, 2020 levels before the pandemic took hold.
NagaCorp’s ambitious plan to build a non-gaming resort not far from the world heritage site of Angkor Wat appears to have met a hard end, according to a report in the Phnom Penh Post.
Just over a year after Cambodia announced a blanket ban on the country’s thriving online gambling scene, the industry is quietly flourishing in Sihanoukville.
NagaCorp is reportedly seeking additional assistance from Russian construction companies to build its casino resort in the Primorye gaming zone.
The Cambodian government is seeking to establish a travel bubble with China, Japan and South Korea, which would boost international tourism and further aid NagaCorp’s recovery, Union Gaming says.
Nagacorp has been confirmed as a "buy" by Union Gaming following the release of its Q4 results, though its target share price has been trimmed to $12.50 from $13.50 due to the new shutdown of NagaWorld.
NagaCorp has turned in its financial report for the full year 2020, noting that Cambodia has fared much better than many other countries throughout the pandemic era.
NagaCorp succeeded in posting a net profit of $102.3 million in 2020 despite the Covid-19 pandemic, driven by a strong recovery in the second half, led by the premium mass sector.
Hong Kong-listed NagaCorp has announced the voluntary suspension of operations at its NagaWorld property in Phnom Penh after several staff were found positive for Covid-19, as well as a rise in Covid-19 community transmissions in the country.
NagaCorp’s US$350 million Angkor Lake of Wonder project has drawn eyes narrowed in suspicion from the United Nations’ cultural agency UNESCO.
The local government has announced that it intends to help NagaCorp secure skilled foreign laborers for its casino development project, now 60% complete.
NagaCorp said it's adopting a share award scheme of as many as 55 million shares to attract and incentivize key employees.
Nagacorp, the operator of Cambodia’s NagaWorld, has undoubtedly been one of Asia’s integrated resort success stories, though credit ratings agency Moody’s is now sounding a note of caution about its expansion plans.
Credit ratings agency, Moody's says Nagacorp's planned development of a resort near the Angkor Wat temple complex is credit negative as it reduces the company's liquidity buffer. The plan pushes capital expenditure over the next five years to $4 billion.
NagaCorp has announced that it has received a fifty-year lease, with an option to renew, on a prime piece of development land sited just about 500 meters south of the outer restricted zone of Angkor Wat in Siem Reap, Cambodia.
Adam Steinberg talks about the differences in culture and work ethic between the US and Cambodia, as well as the thinkings behind decisions made relating to online gaming and Japan.
Tim McNally checks in with Asia Gaming Brief Asia editor Felix Ng to discuss the moves that NagaCorp has been making to offset the decline in international visitation this year. McNally also comments on NagaCorp’s initial thoughts on the China Tourism Blacklist, which we have discussed extensively over the past few weeks.
Deputy Prime Minister of Primorye Konstantin Shestakov celebrated the results of casino development in the Russian Far East on Friday, even as he revealed that construction at the NagaCorp facility was suspended over the Covid-19 impact.
While it’s too early to say Cambodia’s coastal gambling hub has risen phoenix-like from the ashes, there are encouraging signs that Sihanoukville is serious about transforming into a mass market tourism destination, with a significant improvement in urban infrastructure.
NagaCorp said the momentum it has seen on its gaming floors since reopening to the public in August appears to have been sustained through to end September, led by the mass market.
NagaCorp said it intends to explore expansion in Siem Reap and Sihanoukville, but suggests the properties won’t necessarily include gaming.
Hong Kong-listed NagaCorp bucked the negative trend and recorded a US$20.6 million profit in H1, in spite of a temporary closure related to the Covid-19 pandemic. GGR for the half came in at US$372 million, more than 72 percent of it deriving from the VIP segment. As of June 30, the company’s cash and deposits […]
NagaCorp announced on Sunday that it has been permitted to reopen for full business, effective immediately, including mass market services. The company had applied to the Ministry of Health under government regulations, and according to the release the ministry responded on Saturday giving the go-ahead. NagaCorp has resumed its mass market, VIP, and slot machine […]
Cambodia’s cabinet on Monday passed long-awaited draft legislation to cover its casino industry, according to reports in the Phnom Penh Post.
Nine listed gaming operators in the Asia Pacific region are likely to see a plunge of about 70 percent in EBITDA this year, but all should have sufficient cash to cover basic needs for the next year, Moody’s Investors Service said.
Hong Kong-listed NagaCorp, operator of NagaWorld in Phnom Penh, Cambodia is proposing to conduct international notes offering to investors in Asia and Europe in order to free up liquidity and for general corporate purposes. More specifically, the proposed notes issue would be undertaken by the group to refinance its 2021 Notes that are set to […]
NagaCorp has reported to the Hong Kong Stock Exchange “relatively stable” financial results in the first quarter of 2020 “despite such challenging times,” including a 15 percent year-on-year advance in GGR. “This is mainly due to the fact that the group has been operating without interruption of business despite the Covid-19 outbreak,” the company statement […]
NagaCorp has announced strong financial results across the board for the final three months of 2019, seeing GGR up 20 percent to US$1.7 billion. Moreover, EBITDA increased by 31 percent to US$671.7 million, net profit up 33 percent to US$521.3 million, and both the VIP and mass market segments registering major gains. The management statements […]
The group of NagaCorp workers that were on strike last week to dispute wages has all returned to work as of Sunday, 12th January, without any wage increases. NagaCorp made the statement in a filing to the Hong Kong Stock Exchange, refuting previous reports that the company had given into the workers’ demands. In a […]
NagaWorld hotel and casino quickly gave in to strikers’ demands, with the roughly 3,000 workers returning to their jobs on Saturday.
Thousands of employees working at NagaWorld in Cambodia have gone on strike, demanding higher pay and better working conditions, local media reports. Around 3,000 workers joined the strike in front of the NagaWorld hotel and casino on Thursday, demanding a pay rise to $300 a month for hotel staff and $500 a month for gambling […]
Hong Kong-listed NagaCorp has announced it has entered into an agreement with the government of Cambodia to extend its gaming exclusivity in Phnom Penh by an additional ten years. The company operates under a 70-year license, in which the company has the exclusive rights to operate casinos within a 200-kilometer radius of Phnom Penh until […]
Hong Kong-listed NagaCorp is under fire from labor rights groups after dismissing a union leader amid an ongoing wage dispute, Nikkei Asian Review reports. The union has been petitioning for a pay hike amongst hotel and gaming staff. It has requested base salary in the hotel department, who currently make between $191 and $230 a […]
Nagacorp, the operator of the NagaWorld resort in Phnom Penh, reported that gross gaming revenue in the first nine months of the year rose 20 percent, with the mass market slightly outperforming the VIP sector.
Karambunai Corp Bhd’s largest shareholder, Tan Sri Dr. Chen Lip Keong is planning to privatize the company in a deal worth an estimated RM184.7 million (US$44.2 million), local media reports. According to the company’s website, Karambunai is an integrated company involved in the tourism industry in Sabah, Malaysian Borneo and other parts of Malaysia. The […]
NagaCorp has outperformed properties in Asia and moving forward its outlook is better than that for Macau, Singapore and the Philippines, according to Morgan Stanley Asia.
NagaCorp’s “defensive” approach to its gaming operations has helped insulate the company from macro issues in China, which in turn, will help it outperform its Macau peers in 2019. NagaCorp, which operates NagaWorld in Phnom Penh, attracts a mix of Chinese and Malaysian gamblers. “Our overall conclusion is that Naga’s gaming operations are more defensive […]
Kambi has signed a multi-year extension of its sportsbook agreement with NagaWorld, which will include extended live event coverage.
The World Poker Tour today announced a collaboration with NagaWorld to host WPT Cambodia from November 16-25, 2019. This monumental event is the first World Poker Tour festival ever held in Phnom Penh, Cambodia, and begins a new collaboration with the stunning NagaWorld property. The World Poker Tour (WPT) Cambodia festival is highlighted by the […]
Nagacorp posted a 36 percent jump in net profit in the six months to end June, with strong growth in the mass market helping to boost profit margins.
NagaCorp says 90 percent of its $3.5 billion Naga 3 property will consist of non-gaming amenities, with a strong focus on high-tech elements.
Hong Kong-listed NagaCorp on Sunday shared further details around its $3.5 billion Naga 3 expansion plan. Earlier this year, the company said the Naga 3 project is set to deliver greater gaming and non-gaming spaces, comprising of amenities and facilities not available at Naga 1 and 2, including high-tech virtual reality interactive indoor theme parks, […]
Nagacorp said that after discussions with the Hong Kong Stock Exchange it is clarifying that its $3.5 billion expansion plan for Naga 3 counts as an acquisition of assets under listing rules.
Hong Kong-listed NagaCorp is planning to fund its new Naga 3 Project, expected to cost around US$3.5 billion with equal contribution from internally generated funds and its controlling shareholder, Dr. Chen Lip Keong. NagaCorp said it had evaluated several funding options before coming to this decision, but said that this method would ultimately be more […]
Hong Kong-listed Nagacorp on Thursday released details of its much anticipated Naga 3 project to its shareholders on the Hong Kong Stock Exchange. According to a filing, the Naga 3 Project is set to deliver greater gaming and non-gaming spaces, comprising of amenities and facilities not available at Naga 1 and 2, including high-tech virtual […]
NagaCorp says the third phase of its IR in Phnom Penh is in the advanced planning stage, after the opening of Naga2 late last year helped to almost double gross gambling revenue in the first nine months of the year.
NagaCorp CEO Tan Sri Dr. Chen Lip Keong has increased his stake in his casino company, buying an aggregate of six million additional shares on Wednesday. According to a filing from Nagacorp on Friday, Dr. Chen bought two million shares for a total consideration of HK$14.2 million (US$1.8 million) on Wednesday, and then four million […]
Cambodia casino operator NagaCorp has announced the appointment of Leong Choong Wah as an independent non-executive director of the company from September 10, 2018. Mr. Leong, has worked in a wide range of industries including property development, plantation and manufacturing, with cross-border experience in Indonesia and China. Mr. Leong has been overseeing the Finance and […]
NagaCorp reported an 85 percent gain in interim gross gaming revenue, driven by VIP visitation to its new Naga 2 property and strong growth in the mass market.
Cambodia is expected to introduce its long-awaited casino regulation in September, which may attract further investment to one of Asia’s most vibrant markets. The government is planning to hold a regulatory seminar, bringing together officials and industry executives and is expected to introduce the updated rules. Under the new legislation, casinos will likely face a […]
Russia’s Primorye entertainment zone has just held a new round of bidding for land plots, attracting a major investor with plans for a 16,000-square meter integrated resort complex. Russian businessman Maxim Smolentsev, who heads Shambala, presented its plans to the governor of the Primorye Territory Andrey Tarasenko earlier this year and then took part in […]
NagaCorp said its CEO and Executive Director Tan Sri Chen Lip Keong has boosted his stake in the operator of Cambodia’s largest casino. On June 19th, he made on-market purchases on The Stock Exchange of Hong Kong Limited of an aggregate of 5.4 million shares at an average price of approximately HK$7.3342 per share for […]
Cambodia-based casino operator, NagaCorp has commissioned a Chinese railway company to build a 380 km high-speed railway linking Vladivostok and Mudanjiang, according to reports. NagaCorp is one of the key investors in the Primorye gambling zone, currently constructing Naga Vladivostok, which is set to open in 2019. “NagaCorp has helped to bring in China Railway […]
Cambodia’s NagaCorp is set to become a key beneficiary of booming Chinese outbound tourism, and its recent note issue will support future growth, say Morgan Stanley analysts. Last week, NagaCorp announced it has raised $290 million net through a senior note issue to promote growth in its VIP business and to upgrade facilities at Naga […]
NagaCorp said it has raised $290 million net through a senior note issue to promote growth in its VIP business and to upgrade facilities.
Cambodia-based casino operator, NagaCorp, says it will be looking to raise funds from institutional investors throughout Asia, Europe and the United States through a proposed notes issue. The company will also commence a series of roadshow presentations beginning May 2, 2018 to international investors, providing them recent corporation and financial information regarding the group. Should […]
Cambodia-based casino operator NagaCorp Limited saw a 181 percent increase in gross gaming revenue for the first quarter of 2018, according to the company’s latest unaudited operational results. Mass-market business led the charge, with mass table buy-ins up 56 percent to $263.8 million, while EGM Bills-in increased 24 percent to $515.4 million. Union Gaming analysts […]
Nagacorp said it is shaking up its management team, with a new executive deputy chairman and chief financial officer, to help position the company for further growth. Philip Lee Wai Tuck, an executive director and CFO, has been promoted and designated as the executive deputy chairman with effect from 15 March. He will continue to […]
Cambodian casino operator NagaCorp reported a 39 percent increase in net profit for the full-year 2017, reaching $255.2 million. Gross gaming revenue increased by 85 percent to $926 million, while EBITDA increased by 25 percent to $319.7 million. Nagacorp said it continued to achieve solid growth in the mass market segment, with mass market table […]
Primorye Territory Vice Governor Andrei Tarasenko is considering allowing casino cruise ships in a bid to attract foreign punters, local media reports. The ship is expected to run between Russian far-eastern ports and those of Japan, Korea and China. Tarasenko told investors during a meeting that “co-financing will allow you to expand your business and […]
The Liberal National Party has vowed to oppose the inclusion of a casino in plans to develop the Maroochydore Central Business District on Australia’s Sunshine Coast, local media reports. LNP MP Andrew Wallace has begun a petition to encourage residents to refuse to support the plan. NagaCorp, the operator of the NagaWorld casino in Cambodia, […]
Lawrence Ho said he is selling off his entire stake in Summit Ascent Holdings, shortly after the Russian government announced changes that could potentially double taxes for the company’s Tigre de Cristal resort near Vladivostok. Ho, who is chairman of Summit Ascent, holds 1.34 percent directly and a further 16.03 percent through his wholly owned […]
Members of the Liberal National Party in Queensland have pledged their opposition to having a casino built on the Sunshine Coast, and have vowed to fight any attempt to secure a license, according to Sunshine Coast Daily. Last week, Kawana MP Jarrod Bleijie said LNP Members of Parliament and candidates were given assurances from LNP […]
Cambodia-based NagaCorp recently sent a high-level delegation to Australia’s Sunshine Coast, suspected to be scouting for IR development opportunties in the Maroochydore City Centre, local media reports. According to Sunshine Coast Daily, the delegation from NagaCorp travelled to the coast for a two-and-a-half hour fly-in, fly-out visit. It did not specify the timing of this visit. […]
NagaCorp hosted a media tour on 2 November in Phnom Penh to showcase the upscale new addition to NagaWorld. With the theme “Discover Gold”, the soft opening this week of Naga 2 is strategically set to coincide with one of Cambodia’s biggest holidays – the water festival – during which many Cambodians travel to Phnom […]
Naga 2, the hotel and gaming extension to the NagaWorld casino and resort, held its soft opening yesterday, local media reports. The soft opening is set to last until November 4, and will give local Cambodians significant discounts at its food and music carnival. The US$369 million Naga2 expansion has a total built-up area of […]
Nagacorp, which runs Cambodia’s NagaWorld, reported VIP rollings in the nine months to the end of September surged 67 percent to $11 billion, as it continued to benefit from increased China visitation to the country. The company, which is scheduled to open it Naga2 complex in the next few weeks, said mass table buy ins […]
The Queensland government says it has seen “significant interest” from overseas operators in regards to its two regional licenses in the state. David Edwards, Projects chief executive from the Department of State Development, who was speaking at a panel during an annual gaming conference in Sydney, said there had been interest from a number of […]
Hedge fund Nine Masts Capital is challenging the revised terms of the convertible bond deal between NagaCorp and its founder, arguing that the agreement would short change minority shareholders, Bloomberg Quint reports. In March, NagaCorp reduced the conversion price of convertible debt that the company issued to chief executive Tan Sri Dr. Chen Lip Keong. […]
NagaWorld will be subject to an additional tax bill on its non-gaming operations, similar to the $16.6 million tax that was imposed last year, Phnom Penh Post reports. Ros Phirun, deputy director-general of the Finance Industry Department was quoted as saying that the operator will need to pay at least $16 million on their non-gaming […]
Cambodian casino operator NagaCorp posted a boost in net profit for the half year ended June 30, 2017, attributed to robust business volume growth across all segments, particularly in VIP. Net profit for the period reached US$150.6 million, a 20 percent year-on-year growth compared to 16H1. NagaCorp said VIP rollings increase 71 percent in the […]
Cambodian casino operator NagaCorp has renamed its Russian casino project in Primorye to Naga Vladivostok, local media reports. “The second casino in the Primorski Kray will be called not Mayak, as investors earlier said, but Naga Vladivostok. Obviously, the new version sounds more serious, which can’t but please us,” said head of the Primorsky Territory […]
Control over Russia’s gambling zone in Primorye has been passed from the local government to the federal government over concerns the region is developing too slowly, according to reports. Deputy Prime Minister and Plenipotentiary Representative of the President in Russia’s Far Eastern Federal District Yuri Trutnev reportedly made the comment to TASS in Macau last […]
Founder and CEO of Nagacorp, Tan Sri Dr. Chen Lip Keong is now seeking a concurrent conversion of the TSCLK Complex and NagaCity Walk bonds, rather than his previously planned staggered conversion. At the end of March, NagaCorp announced that Dr Chen was seeking to gain full control of the casino operator by exercising conversion […]
Russian investor Diamond Fortune Holdings Prim has begun construction of the hotel and entertainment complex, Selena World Resort and Casino, in Russia’s far eastern Primorye gambling zone. According to the Primorye Territory Development Corporation, the company has already concluded the pre-construction activities and even intends to complete the construction ahead of schedule. Diamond Fortune Holdings […]
A proposed conversion of TSCLK Complex convertible bonds, owned by NagaCorp CEO Dr. Chen Lip Keong, would take his ownership to above 50 percent, up from his current 39 percent, said Union Gaming in a note on Monday. The TSCLK Complex (Naga 2) and NagaCity Walk was funded initially by Dr. Chen, at and agreed […]
A local court has upheld a decision by the Corporation of the Primorsky Territory gambling zone in Russia’s Far East to terminate a contract with the Royal Time Group over delays in the construction of its casino project. According to Betting Business Russia, the Arbitration Court of Primorsky Territory made the decision on June 1st. […]
Cambodian casino operator NagaCorp is nearing the stage of laying the foundation for the Mayak entertainment complex in the Primorye gaming zone, according to local authorities. “The active phase of the construction began in April as it was planned earlier,” said Andrei Folomeev, a director general of Primorye Territory Development Corporation. “As of now, the […]
Hong Kong-listed NagaCorp recorded a 34 percent increase in VIP rollings for the first three months of 2017, according to the company’s latest filing to the Hong Kong Stock Exchange. VIP Business (rollings) was US$3.7 billion, compared to US$2.8 billion in 2016. Mass table buy-ins increased 13 percent to US$169.4 million for the first three […]
Founder, controlling shareholder and CEO of Nagacorp, Tan Sri Dr. Chen Lip Keong is looking to gain full control of the casino operator by exercising conversion rights in respect of the TSCLK Complex Convertible Bonds. According to the company’s filing to the Hong Kong Stock Exchange, the move would result in Dr. Chen increasing his […]
Hong Kong-listed NagaCorp said its IR project in Vladivostok, Russia, remains “broadly on schedule for operation by 2019.” In a commentary in its annual report, Chairman Timothy McNally wrote that the company has established an office in the city center and a number of key personnel have been appointed to monitor various aspects of the […]
Tax revenue collected from Cambodia’s casinos jumped by about 40 percent in 2016 helped by increasing volumes, government efforts to improve tax collection and an accord with the country’s biggest operator NagaCorp. Ros Phearun, a deputy director-general of the Finance Ministry’s financial industry department, was cited by local media as saying that the government and […]
Hong Kong-listed NagaCorp is set to open its new Primorye integrated resort in 2018, according to the director Primorsky Region’s Development Corporation, local media reports. “They embarked on the construction a year ago, however, ancient graves were discovered at that plot of land and had to be carefully extracted, processed and transferred to storage. Naturally, […]
Gaming establishments in Cambodia will likely be subject to a tax rate in the “mid single digits” once the regulatory and tax bill comes into place, note Union Gaming analysts. The brokerage said this is based on NagaCorp’s earnings event last week, which had several high level government officials from the Ministry of Economy and […]
Hong Kong-listed NagaCorp posted a 7 percent year-on-year increase in net profit for the full-year ended Dec. 31, 2016. According to a filing to the Hong Kong Stock Exchange on Wednesday, net profit for the year came in at US$184.2 million, attributed to “better cost control and the 2016 EGM Fee”. Revenue increased 5.5 percent […]
Malaysia-listed MQ Technology has denied reports that it is in talks with Cambodia’s largest casino operator, NagaCorp, over plans to develop and manage a theme park in the Kingdom. The company announced on Dec. 12 that it has signed a Memorandum of Agreement with Cambodian Resort and Entertainment to develop a Jurassic-themed entertainment park that […]
The Philippines has been one of the best-performing casino markets in 2016, with revenue from the properties in Entertainment City up 20 percent in 3Q, though operators from Vietnam and Cambodia are also posting strong results, highlighting the potential of these markets. AGB will be hosting the inaugural ASEAN Gaming Summit in March 2017 to […]
The Melco-Hard Rock consortium may open the doors of its first Cyprus facility as early as mid-2017, local media reports. On Monday, the country’s Minister for Energy, Commerce, Industry and Tourism, Giorgos Lakkotrypis promised MPs that they would be amazed once the government unveils its final casino plans. “We have set the bar very high […]
NagaCorp, which operates the NagaWorld casino in Cambodia, envisages adding a third phase to its resort with more non-gaming attractions as tourism to the country grows. Speaking at the MGS Gaming Summit, Naga Chairman Tim McNally said the next expansion phase for the resort would include more hotel facilities, but would likely also add attractions […]
A recent public hearing in Cambodia has confirmed Naga Corp’s exclusivity in Phnom Penh through 2035, said Union Gaming in a note. “There was a public hearing today on the draft gaming bill that, at some point, will become law. Importantly, Naga’s existing rights are protected… Specifically, the bill sets in stone Naga’s exclusivity within […]
Cambodia collected a total of US$37.4 million in taxes from casinos in the first nine months of 2016, reports Xinhua, quoting a finance ministry report released on Tuesday. The tax revenue represents a 35.5 percent increase over the same period last year, following a number of changes the government took to improve the transparency, efficiency […]
Cambodian casino operator NagaCorp will start construction of its first gaming facility in the Primorye gambling zone in Russia’s Far East in November this year, the regional government announced on Friday. According to Primorsky.ru, Naga Corp chairman Tim McNally has been quoted as saying that the company’s project – which includes hotel facilities “Mayak” (Lighthouse), […]
Nagacorp, the operator of Cambodia’s NagaWorld casino in Phnom Penh, has reported continued strength in sales, with both the VIP and mass market recording low double-digit gains in the nine months through to the end of September. In a filing with the Hong Kong Stock Exchange, Nagacorp said VIP rollings in the period rose 11 […]
Casino operator NagaCorp Ltd has announced it is no longer pursuing a casino license in the Republic of Cyprus, according to a filing from the operator to the Hong Kong Stock Exchange. “After careful review and given all the latest information available to us, the board of directors of the company wishes to inform that […]
The consortium of Melco International Development Ltd and Hard Rock International may be the only bidder for a gaming concession in Cyprus as its two competitors have not yet found suitable plots for their projects, Cyprus news outlet Philenews reports. In June, the Cyprus Government granted a three-month extension to bids for its casino license […]
Nagaworld has reached a deal with the Ministry of Economy and Finance for a new tax rate on non-gaming operations, a ministry official has told local media. Ros Phirun, deputy director-general of the finance industry department at the Ministry of Economy and Finance said the new tax rate comes as a result of an audit […]
Cambodian casino operator NagaCorp Ltd has made a placing and subscription agreement to sell a total of 190 million shares to not less than six parties, according to its filing to the Hong Kong Stock Exchange on Thursday. The placing shares represent approximately 8.37 percent of the issued shares of the company, which it intends […]
The Cambodian government is conducting an audit of NagaWorld to assess its tax liabilities on non-gaming operations, local newspaper Phnom Penh Post reports. “The audit is ongoing and we have yet to finalise how much NagaWorld owes for their non-gaming operations,” said Ros Phirun, deputy director of the finance industry department at the Ministry of […]
HK-listed Nagacorp Ltd has reported its net profit increased 24 percent to US$125.2 million for the six months ended June 30, 2016. “The positive results were attributable to an increase in business volume across all segments of the gaming business,” said the operator in a filing. According to its interim results released on Monday, the […]
The construction progress of Naga2 and the forthcoming opening of NagaCity Walk are positive signs for the Cambodia-based casino operator, says Union Gaming who recently conducted a site visit. “We expect continued strong volume trends in 2Q16 and have a decidedly positive outlook on 2H16 and beyond, including the forthcoming openings of NagaCity Walk and […]
The Cyprus Government has granted a three-month extension to bids for its casino license to the dismay of the consortium of the Florida Seminoles’ Hard Rock international and Lawrence Ho’s Melco International Development, local sources report. According to ‘In Cyprus’, the extension comes after requests from Philippine casino operator Bloomberry Resorts and Cambodia’s NagaCorp. The […]
The final winners in the Asia Gaming Awards were announced last night at a stunning Gala Dinner and Award Ceremony held at The Venetian Macao. The Asia Gaming Awards, hosted by Asia Gaming Brief in association with G2E Asia and The Innovation Group, recognized the best of the best in ten Award categories spanning the […]
Two of the short-listed bidders for a casino license in Cyprus have begun talks with local property owners in preparation for choosing a location for their developments, according to media reports. The preferred bidders announced in March 2015 are Philippine developer Bloomberry Resorts, Hong Kong-listed Nagacorp, operator of Cambodia’s NagaWorld, and a Melco/Hard Rock Cyprus […]
NagaCorp’s NagaWorld was ordered by Cambodia’s Minister of Land Management to stop construction on an awning that encroaches on a public sidewalk as the government seeks to make an example of companies ignoring building regulations, local media reports. The awning at the casino allegedly extends three meters onto a public sidewalk, the reports said. “NagaWorld […]
HK-listed Jimei International Entertainment Group said it had entered into junket agreements with Australian and Cambodian casinos last year, according to its 2015 annual report. In February 2015, the junket investor signed an arrangement with Crown Perth to promote approximately 8 to 10 gaming tables at the Crown Perth Casino. In May, the group also […]
HK-listed Nagacorp announced strong results for the first three months of 2016, with VIP volume leading in growth for the period. VIP rolling chip volume for the first quarter was up 65 percent, to US$2.8 billion, up from $1.7 billion in 2015. Mass EGM bills increased 32 percent to $381 million, and mass public floor […]
The Cyprus government on Tuesday announced the three short-listed bidders for the casino resort license, confirming previously leaked information. According to Cyprus-Mail, the government on Tuesday announced the names of the three short-listed bidders for the casino resort license, which includes Bloomberry Resorts Corporation, Melco’s Hard Rock Resort Cyprus Consortium and NagaCorp Ltd. Bloomberry is […]
Hong Kong-listed Nagacorp Ltd has reported positive financial results for 2015, with net profit at US$172.6 million, up 27 percent from 2014, according to its 2015 annual report. Nagacorp chairman, Timothy McNally says the positive results were attributed to operational and execution efficiency, private-public sector cooperation and “an increasingly vibrant tourism market” which led to […]
Russian-casino developer Diamond Fortune unveiled its plans for its US$900 million Selena World Resort to the Primorsky Territory Administration last week, local media reports. Located in Russia’s Primorye gaming zone, near Russia’s Far East, the casino will consist of three distinct areas and gaming floors, Golden Gate, Moon Gate and Sun Casino & Resort, all […]
Hong Kong-listed Nagacorp has proposed to adopt “金界控股有限公 司” as a dual foreign name of the company, which is subject to approval from shareholders at the 2016 AGM, according to a recent filing to the Hong Kong Stock Exchange. The proposal if approved, will allow the company to formalize the use of the Chinese name […]
Cypriot lawmakers are to vote on regulations covering the creation of the first integrated casino resort in Cyprus on March 10. After approval from the House plenum, officials will announce the three shortlisted bidders of the casino licence, local media reports. The regulations were presented at a joint session of the House Finance and Commerce […]
Cambodia-based NagaCorp says it expects Cambodia to pass a gaming law in 2016 that will likely include a tax provision and possibly a gaming tax. According to Nagacorp chairman Timothy McNally,Cambodia is likely to approve and pass a gambling bill in Y16Q4. It is currently in drafting stage. The company said in its view any tax […]
Cambodia casino giant Nagacorp announced today that gross gaming revenue for the year ended Dec. 31, 2015 increased by 26 percent to US$480.6 million, according to a recent filing to the Hong Kong Stock Exchange. Gross profit increased by 20 percent to $327.8 million, and EBITDA increased by 30 percent to $228.5 million. VIP rollings […]
Five bidders, out of 12 who expressed an initial interest, are expected to submit formal official proposals to operate a casino on the island of Cyprus. The bidders include Hong Kong-listed NagaCorp and Bloomberry Resorts of the Philippines, as well as U.S. operator Hard Rock, French construction giant Bouygues and Russia’s Absolute, according to a […]
KCC Corp’s plan to team up with U.S. tribal operator Mohegan Sun on a casino venture in South Korea is credit negative for the company, ratings firm Moody’s says. KCC, a Korean industrial paints and chemicals company, is planning to invest KRW204 billion ($178 million) for a 24.5 percent stake in Inspire Integrated Resorts, Mohegan’s […]
Hong Kong-listed NagaCorp and Grand Korea Leisure said they will not participate in a bidding process for one of two integrated resort licenses being offered by the South Korean government, due to concern about the economic viability of the projects. A total of 34 groups had been in the running for the licenses, with the […]
Malaysia’s Genting and Hong Kong-listed NagaCorp are among six firms to have formally expressed an interest in a license to build a casino resort on the island of Cyprus. Other interested parties include Hard Rock International of the U.S., South Africa’s Sun International and France’s Bouygues, the Cyprus Weekly reported, citing government sources. The operators […]
NagaCorp reported a 47 percent increase in gross gaming revenue at its NagaWorld Casino in Phnom Penh, Cambodia, for the first nine months of the year. GGR reached $399.85 million compared to $271,86 million in the same period the year before, the company said in a filing. Gross revenue from the VIP market amounted to […]
NagaCorp’s winning streak is expected to continue, following positive 15Q3 results, as new initiatives bear fruit, according to Morgan Stanley research. NagaCorp reported 58 percent YoY growth in gross gaming revenue to $14.4 million driven by both VIP and mass. MS says that table drop facilities installed in July, stronger marketing with agents selling chips to […]
Jimei International reported net profit of HK$52.8 million ($6.8 million) for the six months ended 30 June, compared to a loss of HK$8.3 million in the same months the year before. The profit for the six months this year was mainly driven by the company’s newly established entertainment and gaming business. In February, Jimei started […]
Following NagaCorp’s 15H1 results, in which the operator reported net profit of $101 million, up 49 percent year-on-year, Morgan Stanley says that it has concerns of margin squeeze from rising junket commission and staff costs. Praveen Choudhary wrote in a note that taking out one-off slot income of $40 million and prior year tax expenses of $9 million, […]
Nagacorp said its gross gaming revenue surged 42 percent in the first half, driven by a 50 percent jump in VIP rollings. The company, which operates the NagaWorld casino in the Cambodian capital Phnom Penh, posted GGR of $255.4 million in the period, according to a filing with the Hong Kong Stock Exchange. Net profit […]
Jimei International said one of its units will run a junket operation at NagaCorp’s NagaWorld casino in Cambodia for an initial period of one year. The company said in a Hong Kong Stock Exchange filing that it currently plans to promote at least seven VIP tables, though that may change over time. The one-year contract […]
NagaCorp, operator of Phnom Penh’s NagaWorld, said it expects to record a significant year-on-year increase in net profit attributable to shareholders as a result of a recent accord to operate electronic gaming machines with a group of investors. The company sees profit of not less than $100 million and potentially more for the half year […]
Nagacorp said it has reached an accord with a group of four investors over a new electronic gaming area in its NagaWorld casino in Phnom Penh, under which it will receive $40 million for the management of about 300 machines. The investors have agreed to deposit a further $10 million with Naga to buy state-of-the-art […]
NagaWorld is among the regional properties participating in the All Asia Dealers Championship.
NagaCorp Ltd. announced it has entered into an agreement with C.M.C Phnom Penh Import Export Co. to grant the company a designated electronic gaming business in NagaWorld. CMC has agreed to pay NagaCorp $40 million to set up the gaming space on the ground floor of the Phnom Penh casino. CMC, owned by independent Chinese […]
Union Gaming remains fixed on its Buy rating on shares in Hong Kong-listed NagaCorp due to the company’s continuing success and growth prospects. Analysts Grant Govertson and Felicity Chiang said following a recent visit to Cambodia they believe NagaCorp, which operates Phnom Penh’s Nagaworld casino, will report above-consensus results over the next few years and […]
Morgan Stanley Research predicts Macau will see another sequential decline in EBITDA of 14 percent QoQ and 38 percent YoY in 15Q1 , with no signs of a turnaround. “We expect Macau gaming companies to see declines in EBITDA in 1Q15 of between 8-18% QoQ or 37- 41% YoY, similar to revenue decline of 14% […]
Cambodian casino operator NagaCorp will continue to outperform Macau gaming stocks but profit growth fueled by VIPs could be limited and volatile, according to analysts at Morgan Stanley Research. The Hong Kong-listed company, which operates Phnom Penh’s NagaWorld casino, reported gross gaming revenue increased 17 percent to $381.4 million last year, with VIP rollings rising […]
NagaCorp’s gross gaming revenue increased by 17 percent to $381.4 million last year, with VIP rollings rising by 35 percent to $6.2 billion, according to the company’s latest financial statement. The company – which operates Cambodia’s biggest casino, NagaWorld in Phnom Penh – said Macau’s downturn offers opportunities to further attract Chinese gamblers. “The downturn […]
The Primorye region is hoping to become a Russian Macau and has already signed up about $2.2 billion in total casino-related investment pledges, according to media reports. The First Gambling Company of the East plans to open its four-storey hotel and casino in May, its CEO John Wang was cited as saying. “Given the favorable […]
Through government action and a cultural norm of wearing face masks when ill, Cambodia has seen few get sick during the COVID-19 pandemic. According to the World Health Organization, Cambodia has 275 COVID cases and zero COVID-related deaths as of the last week of September.
The concept of a casino and entertainment hub in Russia’s Far East will take a further step towards fruition this summer with the expected opening of the Shambhala Casino.
Cambodia’s gaming industry has taken a major knock from the Covid-19 crisis and last year’s ban on online gaming, but those on the ground are optimistic it will bounce back stronger than ever.
From India to Australia, casinos across the Asia Pacific region have closed their doors in response to efforts to combat the spread of the coronavirus, with little to no visibility at present as to the evolution of the situation.
The Primorsky Krai Development Corp (PKDC), which is responsible for management of the Primorye gaming zone, expects a key project to move ahead in May this year, despite the outbreak of the coronavirus and remains upbeat about the region’s longer-term prospects.
Over the past 20 years, parts of Indochina have become a hotbed for casino gaming. Yet while this corner of Southeast Asia can be a challenging environment and not a guaranteed license to print money, certain casino operators have struck gold there. Arguably two of the region’s biggest winners are Crown International Club in Danang, Vietnam and NagaWorld in Phnom Penh, Cambodia.
Macau’s reputation as the go-to destination for casino VIPs is under threat as facilities improve in other regional destinations that offer lower tax rates and better junket margins.
Cambodia’s casino boom is continuing, with a 53 percent increase in licenses granted during 2018 and growing interest from Macau-based operators and junkets as Chinese tourism and investment surges.
Operators in Russia’s Far East have won a reprieve from a potentially punishing new tax regime and are now discussing further development plans with the government of the zone. In the interests of long-term investment, Primorye chose to leave taxes unchanged. It now hopes to attract further investors through land auctions this summer and to introduce more non-gaming elements.
Macau’s junket operators are increasingly focused on Cambodia, drawn in by growing business ties with China and its location between countries that don’t allow locals to gamble. SunCity Group, Macau’s largest junket, on March 1 launched its first VIP Club at NagaCorp’s NagaWorld property in Phnom Penh, encouraged by the rapid growth in Chinese tourists to the kingdom and others are also moving in.
Queensland continues to attract international investor interest in its casino market and is expected to see progress in new licenses being issued this year, though sentiment towards the market as a whole is lacklustre amidst flat revenue and rising regulatory pressure. Any projects are also likely to be smaller in scale than those originally mooted in the first round of license bidding.
Russia has passed a bill that doubles tax rates for both land-based casinos and bookmakers, with even more hikes in the pipeline, raising concern the ever shifting sands of regulation are changing the outlook for the industry and threatening foreign investment. Steve Gallaway, managing partner at Global Market Advisors, says the “changes to the tax regime are devastating for the IEZ (Integrated Entertainment Zone) in Primorye,” referring to the most developed of Russia’s gaming zones.
NagaCorp doubled the footprint of its Cambodian casino with the opening of the Naga 2 complex earlier this month, but the Hong Kong-listed operator is not content to stop there, with its founder outlining a vision to become a global hospitality group. The company, which was recently valued at more than $5 billion by Colliers International Hong Kong, started on a barge in 1993 after a United Nations coalition government was formed to restore peace and rebuild the war-torn nation. After opening Naga 2, the company's founder and CEO outlines his vision for growth.
With its pristine, golden beaches and exotic temples, Asia has cemented itself as a premium tourist region, attracting millions of travellers every year. Yet, these same attractions may also be keeping them away from Asia’s integrated resorts, with many tourists no longer drawn by slot machines and gaming tables, instead preferring to spend their hard-earned time and money on non-gaming entertainment options. So how do IRs stay relevant?
The Russian gambling zone of Primorye, which has not been developing as fast as anticipated, is stepping up its efforts to attract more investors as part of an ambitious plan to almost treble visitor numbers by 2025. The company developing the zone is seeking expressions of interest to auction three plots of vacant land and has held talks with groups from Russia, Europe and China.
As operators around Asia vye for licenses in new markets, one corporate social responsibility expert suggests they should change their approach. Jan Jones Blackhurst, executive vice president, public policy and corporate social responsibility, at Caesars Entertainment says not enough is being done to explain what an IR is and the benefits it can bring to society. Not only can a good CSR program help to alleviate perceptions about gambling harm, it can also be a revenue driver.
Asia’s gaming markets have seen a strong first half, with Macau, the Philippines and Cambodia leading the way, prompting some analysts to revise upwards their targets for the full year. But it hasn’t all been plain sailing; the fatal attack on Resorts World Manila lead to a suspension of its gambling operations in June, while South Korea continues to underperform after a diplomatic spat with China, which banned tour groups after Seoul agreed to deploy a U.S. missile shield.
Cambodia’s long-awaited gambling legislation is likely to be published mid-year and could herald the start of a dramatic shake out of the country’s 65 casinos. Higher tax rates and investment levels may trigger consolidation.
Cambodia’s gambling industry is eyeing moves to open up the market in neighbouring Vietnam with trepidation, though views are mixed on the potential impact. Casinos lining Cambodia’s border with Vietnam have long benefited from traffic from Vietnamese who have been banned from gambling at home. Vietnamese are estimated to spend about $800 million annually gambling overseas, with a large chunk of that funnelled into its neighbor’s casinos.
Russia’s southern and western gaming zones have seen a flurry of activity over the past few months, while reports have emerged of new areas being considered for casino investment. Moscow designated four zones for casino gambling in 2009 in remote locations on the fringes of the country and outlawed gambling anywhere else. Since then, the zones have been expanded to six to include the Crimea and Sochi, the home of the 2014 Winter Olympics. While one of the original zones -- Azov City -- is expected to be closed down. According to reports more zones may be on the cards, raising question marks over the shifting sands of Russian regulation for foreign investors.
Nepal’s casino industry is recovering from a series of deadly earthquakes and a temporary border blockade with India last year, with international casino operators increasingly eyeing the market as a way to tap potential from neighboring India. Visitor numbers to the Himalayan nation by air jumped 12.77 percent in the first half of this year to 313,512, compared with about 277,992 visitors in the same period last year. In the first half of 2014, tourist arrivals had reached 412,461.
Tigre de Cristal, Russia’s biggest casino, is focusing on its non-gaming attractions to boost revenue following lower-than-expected demand from locals for its casino offering. While the resort is primarily targeting visitors from Northern China for growth, at present the tourism infrastructure is lacking, forcing a greater focus on the domestic market, experts say.
The tenth Russian Gaming Week conference was held in Moscow earlier this month, but a promised focus on the country’s land-based industry failed to materialize. Organizers had scheduled discussions on the often confusing and ever-shifting situation in Russia’s gambling zones on the second day of the conference, but the program was replaced by a set of marketing presentations, with no explanation given. Despite the high-profile launch of Summit Ascent’s Tigre de Cristal in Primorye last year, experts say the reality is that the zones in Russia are struggling. Samoil Binder, Deputy Head of the Russian Association of Gambling Business, said the situation is “deplorable.”
While Beijing’s anti-corruption drive has often been blamed as a primary factor behind the slump in Macau’s gaming revenue, the same regime is also responsible for proposing and supporting another initiative that may have widespread implications for the development of the Asian gaming industry -- the “One Belt and One Road” project. The plan to develop the old Silk Road linking Asia to Europe is likely to provide a significant boost to tourism in tandem with the gaming industry.
Summit Ascent Holdings is counting on the under penetration of the North Asian markets and its head start in the Primorye gaming zone to ensure the success of its new Tigre de Cristal property in Russia’s Far East. Speaking to AGB, Eric Landheer, Director - Corporate Finance and Strategy of Summit Ascent Holdings says the resort has a unique market position and is one of the only true integrated resorts in northern Asia.
The first casino in Russia’s Far East, which has been touted as a potential Macau of the north, has officially opened after lengthy delays.The Tigre de Cristal held its soft launch on Oct. 8th in the Primorye gaming zone near the city of Vladivostok. The debut of the casino has been postponed multiple times since 2011, but the pace of development picked up when Asian investors became involved in the project in 2013. The resort is expected to appeal mainly to travellers from northern China and Korea, although unlike in many other Asian countries locals will also be able to participate. About 300 million people live within a three-hour flight of Vladivostok.
On an overcast morning in Cambodia's capital, Phnom Penh, the country's flagship casino looks less familiar than it did a year ago as construction obscures the entire front entrance. NagaWorld, which began as a boat moored on the Mekong River 20 years ago, is undergoing a major revamp, which is expected to help accelerate growth at one of the brightest spots in Asia’s casino industry.