NagaCorp plots $4b Naga 3 casino project in Phnom Penh

Cambodian casino operator NagaCorp started off 2019 on a roll, with VIP gambling activity driving a nearly one-third spike in revenue.

On Wednesday, the Hong Kong-listed NagaCorp offered investors a sneak peek at its upcoming Q1 earnings report. The company said its gross gaming revenue hit just under $321.2m in the first three months of 2019, a 32% rise from the same period last year.

Spending at NagaCorp’s flagship NagaWorld property in Cambodia’s capital Phnom Penh was up across the board, with mass market table buy-ins rising 31% to $344.4m and electronic gaming machine (EGM) bills-in up 29% to $665.8m. But VIP gambling turnover was the real star, as rolling chip numbers were up 45% to nearly $8.19b in the three months ending March 31.

The company credited a number of factors for the VIP surge, including junket operator Suncity Group moving its operation in the Naga 2 facility to a larger space with more VIP tables and other amenities. The Tak Chun junket officially planted its flag at NagaWorld during the quarter, as did the Guangdong Group.