NagaCorp reports 16% decline in daily buy-ins
NagaCorp has reported $2.9m in average daily buy-ins for the nine months ended 30 September 2021, a 16% decrease compared to $3.5m in 2020.
NagaWorld reopened on 15 September 2021, after the Cambodian Ministry of Health consulted the company on enhanced health measures. The casino was closed for approximately six months out of the nine that make up the reporting period.
NagaWorld GGR dropped by 37% from $655,00 to $415,000, while EGM average daily GGR was $294,000, an 8% decline from $320,000 the previous year. Premium mass average daily GGR for the period ended 30 September 2021 dipped by only 8% to $285,000, compared to $309,000 for the same period in 2020.
The VIP sector took the largest hit, with the average daily GGR dropping by 62% from $2.1m to $814,000. Despite the short window of operations in 2021, the company remained positive about the financial results, stating the relative success depended more on the quality play by the captive community living in Phnom Penh city.
“Although the half of month of opening of business in September 2021 was not comprehensive enough to form a more concrete opinion of the business performance, the pick-up of the business mix and daily average headcount of more quality and serious players are consistent with the sustainability and strength of the business seen during the short period of opening for Q3 2021.
“Our strategy going forward is also to react to the opportunities offered by the tourism business generated by foreign visitation when the visitation numbers pick up,” said the statement. The Cambodian Government should reportedly reopen for vaccinated tourists in the fourth quarter of this year.
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