NagaCorp’s GGR rises by 181%

Cambodian operator NagaCorp reported a whopping spike of 181% in gross gaming revenue (GGR) for the first quarter of 2018.

The company’s earnings during the period were boosted by mass-market business, as mass table buy-ins were up 56% to €214.1 million and EGM bills-in rising 24% to €417.6 million.

Naga 2 has recently been opened (November 2017) and offers over 900 hotel rooms and is set to house over 35 tables and 300 slot machines. Furthermore, it is expected to open more mass and VIP gaming areas such as the Sky Casino, which will house another 10 VIP gaming tables.

“It is observed that there is minimal cannibalization observed between the two properties, with most players on existing NagaWorld property intact or increased and Naga2 witnessing numerous new faces and customers never seen in the past,” Union Gaming analysts said.

NagaCorp also explained: “An increase in the number of South East Asian players, noticeably from Thailand, has also been observed in addition to the traditional large number of Malaysian and other customers from the regions.”

Despite the high GGR growth, VIP volume was down from the last quarter of 2017. Nonetheless, according to Union Gaming analysts, it is a seasonal effect and it should pick up during the second quarter, especially with a new Macau junket set to begin operating in the next quarter.