Naga profits spike on surge of China visitors
Naga profits spike on surge of China visitors
CASINO operator NagaWorld reported a nearly 20 per cent increase in net profits in the first half this year, earning about $180 million over the period, thanks to a surge of Chinese visitors, a company announcement said.
Its statement said the growth in volume is attributable to increasing visits at both Naga 1 and Naga 2, particularly from Chinese tourists, whose numbers grew 79 per cent in the first four months of this year.
“Phnom Penh has come of age as an attractive location and preferred destination for operators and players coming from both Southeast Asia and East Asia, especially China,” the NagaWorld statement says.
“This allows the group to further penetrate new markets, fueling business growth and expansion.”
NagaCorp Ltd, listed on the Hong Kong Stock Exchange in 2006, holds a 70-year casino licence that will expire in 2065. It also has a 41-year exclusive licence to operate casinos in Phnom Penh.
During the first half, VIP gaming revenue soared 162.6 per cent, taking NagaCorp’s total revenue to $732.9 million. The company reported profit before taxation at $184.5 million and tax expenditures of $4.4 million.
Non-gaming revenue – the income from hotel operations, food and beverage, and entertainment – increased to $19.1 million, primarily fuelled by a 69 per cent increase in room nights sold after the opening of Naga 2, as well as better performance across all food and beverage outlets.
