High-limit gaming area zone helps drive 5.5 per cent revenue increase at NagaWorld
NagaCorp, the owners of NagaWorld, the entertainment centre of the Mekong Region, in the Cambodian capital of Phnom Penh, has heralded the successful implementation of a high-limit gaming area zone, designed to attract Premium Mass customers with higher average spend and enhance table yield, as being a game changer for the casino.
It helped drive a 5.5 per cent in GGR to US$542.9m in 2024. Mass Market GGR for the year increased by 17.2 per cent to US$395m compared to US$337m in the previous year.
NagaCorp said: “A significant factor was the 13.6 per cent increase in buy-ins, supported by the recovery in international visitation and the high-limit gaming area. In FY2024, Premium Mass customers contributed 33.9 per cent of total Mass Market Tables GGR, a significant increase from 23.3 per cent recorded in pre-pandemic financial year ended 31 December 2019 (FY2019). Additionally, the rollout of new side bet games on Mass Market Tables segment contributed to higher win rates. These efforts highlight the company’s focus on refining product offerings and strengthening engagement with Premium Mass customers, laying a solid foundation for sustained growth.”
The Mass Market EGM segment also posted a six per cent growth in bills-in, despite having already recovered to near-peak FY2019 levels. Combined, the Mass Market (including both Tables and EGM) contributed 70.2 per cent of total revenue in FY2024. Notably, the Mass Market segment maintained the highest gross profit margin across all segments at 89.4 per cent.
Mass Market and premium VIP market segments generated a blended gross profit margin of 86 per cent, accounting for 94 per cent of total gross profit for the year. The referral VIP market GGR grew by 1.4 per cent during the year to reach US$44.8m. Net Profit decreased though by 38.3 per cent to US$109.6m compared to US$177.7m in the previous year, which was primarily attributable to a non-cash impairment loss of US$89.1m in respect of our Vladivostok project recognised during the year.
The majority of Premium VIP customers were regional business owners, and the growth potential of this segment is supported by a 37.8 per centcrease in international business travellers to Cambodia in 2024, reaching 1.4 million visitors. The top five source markets for inbound business travel are China (41.9 per ecnt), Vietnam (21.8 per cent), Indonesia (8.2 per cent), Thailand (5.3 per cent) and Taiwan (3.4 per cent)
