NagaCorp announce H1 results
NagaCorp Ltd announced the financial results for the six months that ended on June 30, 2020. Gross Gaming Revenue (GGR) for H1 was $372m, compared to $872,4m year-on-year. EBITDA was S$88.7m, net profit was $20.6m and the Group’s GGR for Q1 2020 increased by 15%. The Group also stated the numbers reflect about three months of customary operations since the Cambodian government advised the suspension of operations for all casinos in March.
Revenue from casino and hotel operations for H1 was $377,5m, a decline from $891,6m in 2019. Gross profit stood at $173.9m, almost half of $408,3m for the six months the previous year. While GGR from the VIP market didn’t reach the $649,9m from the previous year, it still was the largest contributor to profits with $270.9m in revenue.
Despite the pandemic and temporary closure of the casino, NagaWorld managed to attract a decent number of visitors, including Chinese clientele who were in Cambodia when the borders closed. The group’s construction of a new property in Russia also remains intact, with the group stating it “anticipates that this development project in Vladivostok remains broadly on track to commence operation by 2022.”
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