Cambodia’s Nagacorp has announced its H1 2024 revenue.
The company saw its gross gaming revenue (GGR) increase by 12.3% year on year to $283.4m.
The mass market segment, which accounted for 67.7% of the company’s total GGR and 73.9% of total gross profit, saw its GGR increase 17.8% to $192.0m, while smaller VIP market GGR also saw an increase of 2.3% year-on-year.
Gross profit (net of gaming tax) increased by 14% to $231m.
The company also saw a net loss of $1m, compared to a net profit of $83m last year.
The loss was mainly attributed to the recognised non-cash impairment loss of the Vladivostok Project amounting to $89.1m, which also affected its EBITDA, which dropped to $55.5m, compared to last year’s $143.2m.
In July 2024, the company fully discharged $472.2m in senior notes upon maturity. The move had Moody’s Ratings and S&P Global revising the company’s outlook to stable from negative in June 2024 and August 2024 respectively, citing an improved liquidity position and steadily improving operational performance.
Earlier in mid-August, Nagacorp had issued a profit warning regarding the non-cash impairment loss of the Vladivostok Project.
The Vladivostok project was supposed to join Tigre de Cristal and Shambala as three integrated resorts in the Primorye Economic Zone in Russia. However, the ongoing Russian-Ukraine conflict saw Tigre de Cristal’s operator, Hong Kong-listed LET Holdings, planning to sell off its shares in said Russian casino.
