Nagacorp Reports 20% Growth in Gross Gaming Revenue

Nagacorp, the operator of the NagaWorld resort in Phnom Penh, which has also expressed interest in bidding for the potential Sasebo IR, reported that gross gaming revenue (GGR) in the first nine months of the year was US$1.28 billion, up 20% year-on-year, with the mass market slightly outperforming the VIP sector.

The company said the mass market, which is its key focus, continued to benefit from visitation in Cambodia, and continued to underpin the visitor headcount growth at the combined NagaWorld complex.

Cambodia’s international visitor arrivals increased by 11% to 3.8 million visitors in the first seven months of 2019, whereas the number of Chinese visitors grew by 37% to over 1.5 million visitors in the same period.

In its trading update, the company provided an outline of progress in the development of Nagaworld. Shareholders in August approved the plans and budget for the third stage of development at the resort. It has now appointed Chicago-based Skidmore, Owings & Merrill in addition to the current Las Vegas-based architect Steelman Partners to work on the design of Naga 3.

The Cambodian government has also approved in principle plans for a garden in front of the property, which will allow the company to build a three-storey car park underneath. The garden will link Naga 3 with both Naga 1 and 2. (AGB)