Hong Kong-listed NagaCorp, owner and operator of Cambodian integrated resort NagaWorld, has reported a 99.5% increase in gross gaming revenue to US$445.9 million in 2022, primarily generated by a rebound in the mass market segment.
Net Profit of US$107.3 million also reversed a loss of US$47.0 million in 2021, with Adjusted EBITDA soaring from US$15.6 million to US$245.4 million, the company revealed in its results presentation on Wednesday.
The NagaCorp board has declared a final dividend of US$0.75 cents per share, representing 60% of net profit generated in the six months to 31 December 2022.
“Given the company’s key focus on the Mass Market segment, NagaWorld continued to benefit from the reasonably sized domestic captive market in Cambodia, as well as stable visitation to the property during the year,” NagaCorp said.
“The overall steady business recovery also has been supported by the gradual recovery of Cambodia tourism and visitation to the property in line with the easing of travel restrictions regionally.”
The 2022 results included a 197% increase in mass gaming revenue to US$328.1 million, comprising 71% of all GGR compared with 49% a year earlier. What NagaCorp describes as “Non Mass – Premium market” grew by 88% year-on-year to US$91.4 million but Referral VIP fell by 59% to US$26.4 million, and from 28% of all-revenue to just 6%.
NagaCorp noted, however, that Referral VIP business volumes had increased by 31% in the second half of 2022 compared with the first as the number of international direct flights to Phnom Penh continued to recover.
Meanwhile, non-gaming in 2022 grew from just US$2.4 million a year earlier to US$14.8 million.
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