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NagaCorp up 15% for Q1 despite virus outbreak

Despite the ongoing pandemic, NagaCorp Ltd, casino operator from Cambodia, reported its Q1 2020, which shows a steady climb with gross gaming revenue (GGR) reaching $368.9 million, a 14.8% increase year-on-year.

NagaWorldcambodia

This growth was facilitated by the VIP market, which has seen an 18.4% turnover, climbing to $9.69 billion. By the end of March, VIP GGR reached $270.2 million. The company summarised that the outbreak brought in VIP players mainly from China, “especially during the times when casinos are closed in Macau, Philippines and Malaysia,” NagaCorp said in a statement. For the first quarter, the company could freely operate its casinos despite the outbreak.

The NagaWorld property has an exclusive license to operate in Phnom Penh, but it had to temporarily close its doors when the Cambodian government declared the closure starting April 1. However, NagaCorp is confident it will remain steady despite the pandemic. The operator stated  the plans to expand are still ongoing, and the virus poses no threat to the future.

“Despite the Covid-19 fear, the group shall continue the development of Naga 3,” the group said in a statement, referring to its third gaming complex. “The expected successful completion of Naga 3 by 2025… shall increase the capacity of the group by at least two times.”

While it’s possible the company’s profit will suffer in the near future due to the lockdown, NagaCorp remains hopeful  the current revenue will carry it over. The company added, “No doubt the recent COVID-19 outbreak has caused economic and social chaos globally” but it is seeing a revival in China’s market and believes the quarantine won’t last long.


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