NagaCorp casino profit up one-third in 2019 on VIP, mass gains

Cambodian casino operator NagaCorp saw its 2019 profits jump by one-third but warned that the coronavirus could negatively impact its 2020 performance.

Figures released Monday show NagaCorp’s gross gaming revenue hit $1.75b in 2019, a one-fifth improvement over 2018’s results. Operating profit was up 36.5% to $571.8m while after-tax profit rose 33.4% to a record $521.3m.

NagaCorp, which operates Cambodia’s only major integrated resort casino NagaWorld in the capital Phnom Penh, performed strongly last year across all gaming verticals. VIP gambling turnover rose 31% to $46.6b, while VIP revenue rose 16% to $1.24b as win rate slipped to 2.7% from 3% in 2018.

NagaCorp added a few more junket operator partners in 2019, which the company credited with goosing the VIP turnover figures, as well as the new higher table limits available at some of the NagaWorld’s Naga2 facility.