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Feeling good

Nagacorp reaps strong results from its operations in Cambodia, following an increase in Chinese visitation to the country

VIP rolling for gaming operator Nagacorp Ltd. in the first six months of the year was up 71 per cent, hitting US$7.8 billion (MOP62.76 billion), according to a company filing with the Hong Kong Stock Exchange.
Mass market table game buy-ins were up 23 per cent to US$375.2 million, while mass market for electronic gaming machines (EGM) bill-ins increased 15 per cent to US$853.1 million.
During the interim period, gross gaming revenue rose 40 per cent year-on-year to US$386.8 million, of which US$285 million came from gaming tables (mass and VIP) and US$101.79 million from electronic gaming machines.
Profits attributable to the owners of the company registered 20 per cent year-on-year growth, amounting to US$150.63 million.
Non-gaming revenue of the group increased 30 per cent year-on-year during the six-month period, to US$14.8 million, primarily attributable to higher occupancy and average room rates.
Casino operations from the company comprise all gaming activities from NagaWorld, located in the capital city of Cambodia, Phnom Penh.
As at the date of the announcement, the group employed nearly 6,400 people stationed in Cambodia, China, Macau, and Singapore.

Chinese cut of the market
The company has attributed its ‘robust business volume growth’ to continued confidence in the political climate of Cambodia leading to increasing visitation, especially from China.
The majority of the revenue generated by NagaWorld comes from external customers as Cambodian casinos are foreign-only venues.
Nagacorp noted that China became the leading source of visitation to the country, up 36 per cent over the period to 441,070.
Chinese visitors currently represent 19 per cent of the foreign tourist market in Cambodia – followed by Vietnam (15 per cent) and Laos (8 per cent), according to Ministry of Tourism data.

Projects and acquisitions
During the period, the company invested US$108 million in the acquisition of property, plant, and equipment, including fit-out operations in its Cambodian TSCLK Complex – also known as Naga2 – which the company expects to be operational in the fourth quarter of 2017.
The group also earned US$60 million due to assigning part of its licensing rights to Chinese investors for investing in and operating 570 EGM for a period of 10 years in Naga2.
As at the date of the announcement, NagaWorld had 239 gaming tables and 1,660 EGM in operation, in addition to the 570 EGM assigned to Chinese investors.
In what regards Nagacorp’s current investment in gaming and resort development in Vladivostok, Russia, it announced an office has been established there with key personnel appointed to monitor progress of the project, scheduled to open in 2019.