Operator News
Cambodia – NagaWorld’s mass gaming operating at 82 per cent of pre-pandemic levels in year so far
By Phil - 4 October 2023
NagaCorp has reported that its mass gaming revenues at Naga World in Phnom Penh for the year so far have recovered to 82 per cent of pre-pandemic business volumes.
For the nine months ended 30 September 2023, mass market segment business volumes increased by 7.8 per cent as compared to the same period last year. Mass market table buy-ins growth accelerated in the three months ended 30 September 2023, with 18.5 per cent year-on-year growth compared to the same period last year. This was mainly contributed by satisfactory results of the high limit gaming areas, with higher average spend per customer. Premium VIP Market rollings for YTD 2023 showed a 35.2 per cent increment as compared to the same period last year.
Average daily rollings for the Referral VIP Market segment for YTD 2023 showed a 43.3 per cent increment as compared to the same period last year.
Gross Gaming Revenue (GGR) for YTD 2023 of US$379m represented a 12.1 per cent YoY growth as compared to GGR of US$338.1m in the same period last year.
Management believes this is mainly because of the continued increase of international tourist arrivals into Cambodia. According to the August tourism statistics published by the Ministry of Tourism of Cambodia (MOT), the number of international tourist arrivals to Cambodia (for the eight months ended August 2023) exceeded 3.5m which represented 153.8 per cent of the entire year’s arrivals in 2022. Despite international arrivals by air (via Phnom Penh International Airport) recovering to 63.1 per cent of the corresponding period in 2019, the average daily business volumes for the Mass Market segment for YTD 2023 have recovered to 82 per cent of those for the financial year ended 31 December 2019 (FY2019) (peak pre-COVID-19 year). This indicates higher average spend per customer, particularly among business-related travellers and the domestic captive expatriate market.
Given the continued political and social stability, Cambodia is expected to continue its upward trajectory of recovery with an influx of tourist arrivals, business visitation and expected surge in foreign direct investments into the country, resulting in an increased number of investors and a growing domestic
expatriate population. The Group believes that NagaWorld, being the only integrated resort in Phnom Penh will benefit from this with increasing footfall from customers.
