Premium mass strategy helps lift NagaWorld revenue for 2024
Mass table games see strong growth, though profits fall on Vladivostok write-down.
Key points:
– Gross gaming revenue rose 5.5% year-on-year to $542.9m
– Premium mass players made up nearly 34% of mass table revenue
– Net profit fell 38.3% due to impairment on stalled Russian project
NagaCorp has reported a year-on-year increase in gross gaming revenue, climbing to $542.9m for 2024. The company pointed to stronger performance in its mass market segment, particularly from higher-spending players.
A newly launched high-limit area at the NagaWorld property in Phnom Penh appeared to help drive a 28% rise in mass table games revenue, reaching $269.3m. Buy-ins were also up, hitting $1.33bn.
According to the operator, premium mass players made up 33.9% of mass table revenue last year, which is quite a jump from 23.3% seen in 2019.
The electronic gaming machines segment recorded a 6 percent increase in bill-ins, although revenue there dipped slightly to $125.7m.
Meanwhile, the premium VIP business did not fare as well. Rollings dropped by 15% and gross gaming revenue for this segment fell 23% to $103.1m. Referral VIPs brought in $44.8m, up just 1 percent from the previous year.
NagaCorp said the overall improvement in mass performance was helped by a rebound in international visitors to Cambodia, with more business travellers arriving from countries like China, Vietnam and Thailand.
Despite stronger revenues, the company’s net profit dropped by 38.3% to $109.6m. This was mainly due to an impairment charge of $89.1m tied to its halted development in Vladivostok, Russia. The project has been on hold since 2022, and there is still no update on when or if it might resume.
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