Total revenues up 85 percent
High-roller revenues are officially king at NagaWorld, an integrated resort in Phnom Penh operated by Cambodia’s NagaCorp.
NagaCorp’s 2017 annual report, released March 17, shows that VIP exceeded mass to comprise 65 percent of all revenues, compared to 42 percent in 2016. VIP was up a remarkable 177 percent year-on-year to US$625.3 million. The resort saw an 85 percent surge in total revenues to US$956.3 million, up from US$531.6 million in 2016.
Inside Asian Gaming reports that mass revenue rose 9.2 percent to US$300.6 million, but accounted for 32 percent for the year, compared to 52 percent in 2016. Non-gaming revenue held steady at US$30.4 million.
NagaCorp Chairman Tim McNally said the VIP market “continues to register robust growth as a result of increasing market confidence in NagaWorld as an integrated gaming and entertainment destination.
“The competitive overseas junket incentive program introduced in March 2013 continues to enable the group to balance the increase in table limits while managing volatility and credit risk. The opening of Naga2 in November 2017, which significantly increased the variety, quality and quantity of NagaWorld’s gaming and non-gaming facilities, has enhanced the group’s ability to expand its business across the region as reflected in the growth in VIP rollings.”
McNally said NagaCorp’s IR project in the Russia’s Primorye casino zone is on track to open in 2019. “We have now established an office at the city center of Vladivostok and certain key personnel have been appointed to monitor various aspects of the progress of the project,” he said. “We believe our strategy to diversify our business geographically and expand into new casino markets will drive revenue growth in the long term.”
NagaCorp will pay a final dividend for 2017 of US$0.0145 per share.
