Inside Asian Gaming

IAG AUG 2020年8月 亞博匯 25 封面故事 Naga3, adding some 3,500 guest rooms, 700 tables and 2,000 gaming machines. Others doubt the wisdom of betting against Naga and its founder Chen Lip Keong, whose fortune of more than US$4 billion, according to Forbes , largely derives from owning nearly two-thirds of NagaCorp’s Hong Kong listed shares. Dr Chen – he earned a medical degree and briefly practiced before finding his calling in business – has this year added more than 28 million NagaCorp shares to his holding at a cost in excess of US$35 million, and he’s pledged to finance half of Naga3 from his own pocket. “Cambodia remains one of the most ideal supplements to Macau for junkets operators and premium players, in terms of providing nearly all the elements that would be wishful thinking in Macau: much lower tax rates, a lenient regulatory environment, off Beijing’s radar – to some extent, but certainly ‘more off’ than Macau – cheaper labor cost but diligent workforce,” The Innovation Group's Senior Vice President Michael Zhu says. “Additionally, NagaCorp has seamlessly avoided the pitfalls of online gambling [which Cambodia banned at China’s behest last year] and managed to extend its casino monopoly in Phnom Penh for another 10 years, all of which contributes to a pretty bright outlook for the company.” WINNING STREAK From 2014 through the end of 2019, NagaCorp’s revenue more than quadrupled to US$1.76 billion, net profit more than tripled to US$521 million and EBITDA nearly quadrupled to US$671 million, a compound annual growth rate of more than 30% in each category. The biggest jumps have taken place since Naga2 opened in November 2017, with VIP revenue more than doubling through last year and mass GGR up 58%. Executives emphasize that mass play accounts for a majority of profits. “Clearly, Naga2 has been a smashing success and has allowed the company to target not only higher- quality VIP players, but also the so-called premium An Exclusive Gaming Experience with River and City view 提供獨家盡享河景及城市景觀的博彩體驗 1. 素——更低的稅率、寬鬆的監管環境、沒有北京的側目，以及比澳 門更『多』一樣——勤奮但成本更低的勞動力。美國創新集團國際 業務高級副總裁朱靜瑋表示。「此外，金界完美地避開了網絡博彩 的陷阱（去年柬埔寨在中國的要求下禁止了網絡博彩），並成功地 將其在金邊的賭場壟斷地位再延長10年。所有這些都為公司帶來 了光明的前景。」 連翻三番 從2014年到2019年底，金界控股的收入連翻三番，達到17.6 億美元，淨利潤亦增長了三倍以上，達到5.21億美元，EBITDA幾近 增長了三倍，至6.71億美元。每個類別的複合年均增長率超過30％ 。尤其自2017年11月Naga2開業之後，收入呈質的飛躍，貴賓博彩 業務比上一年同期增長了一倍以上，中場收入增長了58％。管理 層強調，中場的表現貢獻了利潤中的大部分。 SKY STREET