NagaCorp at “advanced stages” of fresh development as revenues double

Cambodian casino operator NagaCorp is in the “advanced stages of planning” for its Naga3 development, after aligning a significant revenue boost to the November 2017 grand opening of the Naga2 property.

Located a short distance from its flagship NagaWorld entity, the organisation has lauded the increased “appeal, capacity, quality, range and reach of VIP, mass gaming and non-gaming offerings,” which has seen a 94 per cent rise in gross gaming revenue to $1.07bn for the first nine months of 2018, upto September 30.

In its filing to The Stock Exchange of Hong Kong, the firm addressed the progress with Naga3: “In view of the success and fast ramp-up of Naga2, and often times facing capacity constraints for both gaming and non-gaming areas, increasing inbound tourism especially from China and the stable political environment, the group is in advanced stages of planning for the development of Naga3.

“Based on feedback from stakeholders (players, visitors, operators, investors etc), the group is confident that additional capacity is necessary to further fuel business growth (both gaming and non-gaming) to position the group as one of the most successful integrated resorts in Asia.”

Mass-market buy-ins rose 57 per cent to $887.6m and electronic gaming machine bills-in reached $1.6bn, a 22 per cent jump, whilst VIP rollings surged 128 per cent year-on-year from $11bn to $25bn, highlighting the confidence of premium players and travel operators “that the group has sufficient resources to run its business”.

NagaCorp added “the increasing number of Macau-based operators bringing in quality players, who spend longer hours in the property, especially in Naga2, has helped elevate the business volume”.

One such example of which is alongside Suncity Group, who help steer VIP’s to the new gaming venue, and as such the firm added that “Suncity physical space and the number of tables will be enlarged”.

Praising “the increasing number of quality players from other parts of Southeast Asia,” inbound tourism increased 11.1 per cent to 3.4m, with arrivals via Phnom Penh, the location of its NagaWorld property, rising 35.4 per cent to a little over 1m, via figures released by Cambodia’s Ministry of Tourism.