Cambodian casino operator NagaCorp enjoyed record business in 2018 thanks to its expanded Phnom Penh operations and surging VIP gambling turnover.

On Wednesday, NagaCorp released its financial performance for 2018, during which gaming revenue rose 55% to US$1.4b, earnings improved 60% to $511.8m and net profit jumped 53% to $390.6m.

NagaCorp said its 2018 profit would have risen by 100% were it not for a $60m payment it earned in 2017 from the assignment of a licensing right to certain investors to operate electronic gaming machines (EGM). The company said it had opted against renewing this right despite “ready demand.”

VIP gambling turnover was up 69% to $35.7b last year and VIP revenue jumped 71% to $10.7b, thanks in part to the late-2017 opening of the Naga2 addition to the company’s flagship NagaWorld property in Cambodia’s capital Phnom Penh. NagaCorp said Naga2 has enjoyed strong “customer demand for higher table limits.”