NagaCorp’s GGR at US$418mln in year to September, down 21.5pct from a year ago

Cambodian casino operator NagaCorp Ltd says its gross gaming revenue (GGR) for the first nine months of 2026 declined by 21.5 percent year-on-year, to nearly US$417.9 million, according to a voluntary filing made to the Hong Kong Stock Exchange on Friday. Net gaming revenue fell 16.7 percent from a year earlier, to US$388.7 million, the company said in its unaudited operational update. NagaCorp holds a monopoly licence for casino operations in Cambodia’s capital, Phnom Penh, where it runs the NagaWorld complex (pictured in a file photo). Aggregate mass-market table buy-ins amounted to US$981.7 million in the nine months to September 30, a 12.9-percent decline from a year earlier. GGR for this segment fell 10.0 percent year-on-year, to US$232.7 million. Aggregate electronic gaming machine bills-in rose 9.7 percent from a year ago, to US$2.37 billion. GGR in this segment however declined 2.5 percent, to US$103.4 million. The company’s two VIP table-play segments recorded steeper year-on-year declines during the reporting period. NagaCorp divides the business between its house-managed “premium VIP” segment and “referral VIP”, the latter involving VIP customers introduced by external parties. Premium VIP GGR for the January to September period stood at US$65.8 million, down 40.1 percent from the prior-year period. Rolling volume for this segment declined 55.4 percent, to US$2.09 billion. GGR in the referral VIP segment fell 72.5 percent year-on-year, to US$15.9 million, on rolling volume that declined 75.6 percent, to US$500.3 million. The nine-month figures followed a first-half performance in which mass-market growth had partly offset VIP weakness. NagaCorp reported net profit of US$144.0 million for the six months to June 30, down 3.2 percent year-on-year, while GGR fell 8.6 percent to US$303.7 million. In its interim results, the company attributed the VIP slowdown to factors including weaker international travel demand, fewer direct international flights to Cambodia, higher airfares and negative international perceptions associated with online scam activities in the country. S&P Global Ratings said in May it expected NagaCorp’s earnings to grow at an annual rate of 5 percent to 6 percent across 2026 and 2027, although it cautioned that a return to 2019 earnings levels remained unlikely for the time being. The rating agency upgraded NagaCorp’s long-term issuer credit rating to ‘B+’ from ‘B’, with a ‘stable’ outlook, citing a stronger credit profile supported by low leverage and a sizeable cash balance.