Plans for Russia, Japan
With the opening of its Naga2 development in November, Cambodian casino operator NagaCorp saw earnings grow 79.9 percent year-on-year for 2017, reported the Nikkei Asian Review. That growth came on the backs of VIPs and Chinese tourists who flocked to the Phase II development in Phnom Penh.
Revenues at the Hong Kong-listed company soared to $956.3 million last year, with VIP wagering up 142 percent. Net profits grew 39 percent to $255.2 million.
“The opening of Naga2 in November last year significantly increases the quality and the range of VIP, mass gaming and the non-gaming offerings,” said Chief Financial Officer Philip Lee. Naga2 features 903 hotel rooms and suites; 300 gaming tables; and 2,500 gaming machines along with a 2,200-seat theater.
Lee said the company is making progress on its new casino resort in Russia’s Primorye casino zone. The company planned to invest at least $350 million in the project, according to the original plan unveiled in 2013.
“An office has been established in the city center of Vladivostok,” the company said in its latest financial statement. “Certain key personnel have been appointed to monitor various aspects of the progress of the project which remains broadly on schedule for operation by 2019.”
The company disclosed it will “proactively” bring more Chinese tourists to its resorts and possibly bid on a gaming license in Japan.
“As a gaming jurisdiction, Japan has wonderful potential,” said NagaCorp Chairman Tim McNally. “Now we’re just waiting for some additional information.”
