Covid-19 pandemic: NagaCorp 2020 revenue more than halves

By Violeta Prockyte

NagaCorp has reported revenue of $878.7m for the year ended 31 December 2020, against $1.8bn recorded in 2019. Gross profit was $427m, compared to $846.3m the previous year.

The VIP market made up 70% of 2020 revenue, with $613m, while table games brought in $174.3m and electronic gaming machines made up 9% of total revenue with $82.3m.

Despite the obvious effect of the Covid-19 pandemic, NagaCorp remains optimistic about future prospects, stating that the Cambodian Ministry of Tourism is planning to create a travel bubble with hopes of boosting tourism, partnering with countries that have low Covid-19 infection rates.

According to NagaCorp’s annual report, “ASEAN-plus-three (China, Japan and South Korea) will be the primarily targeted countries and the process will be conducted in stages.”

Due to the pandemic, the casino was temporarily shut down and resumed operations in July 2020, with great recovery recorded by the mass-market segment. Mass market tables’ average daily buy-ins for Q4 2020 were $3.91m, a 23% increase from Q3.

The group’s VIP business volume recorded a satisfactory recovery, with daily VIP rollings reaching 69% of pre-pandemic levels for the period between 8 July and 31 December 2020.

However, despite the reported signs of recovery, NagaCorp has closed again since 1 March, as some of the venue’s staff were tested positive for Covid-19. Additionally, the Cambodian Government placed the Phnom Penh region, where the casino is located, on lockdown until 28 April.

Another region in the country, Bavet town, was also placed under a two-week quarantine, with several venues forced into a temporary shutdown; locations include Bavet-Mok Bay International Entertainment, New World Casino, Good Luck Casino and the Emperor Company, reported Phnom Penh Post.

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