Net gaming revenue did, however, improve, from $72.6m in the three months ended 31 March 2021 to $96.9m for the three months ended 31 March 2022. EBITDA grew 58% to $60.5m.
In the voluntary announcement, the group noted that it continues to see business recovery from quarter to quarter across various business segments. All of the company’s segments saw growth from Q4 2021 to Q1 2022.
EBITDA grew 83% to $60.5m, while NagaCorp’s cash and cash equivalents increased from $102.7m as of 31 December 2021 to $162.7m as of 31 March 2022.
The increase, as noted by the group, was due to the “continued recovery of business volumes, improved cost efficiency post rationalisation program and prudent cash expenditures decision from the company’s management.”
Mass Table grew 53% sequentially to $572,000, while Electronic Gaming Machines climbed 15% sequentially to $280,000, while Premium Mass grew 17% to $212,000. Referral VIP increased by 63% to $13,000.
In total, average daily net gaming revenue across all business segments amounted to $1.08m, a 33% increase from Q4 2021.
NagaCorp, which operates NagaWorld in Phnom Penh, Cambodia, also noted that a total of 4.1 million domestic travellers were recorded in the first 34 days of 2022, with the capital proving to be the most popular destination.