NagaCorp, which owns and operates NagaWorld, reported gaming gross revenue (GGR) of $223.5 million for the financial year ended December 31, 2021.
The group reported EBITDA of US$15.6 million and adjusted EBITDA of US$22.4 million. The GGR market tables totaled $66.5 million, and the video game machine GGR came in at $44 million. Overall mass market revenue was $48.7 million, while VIP market GGR was $64.4 million.
NagaCorp noted that its results for the period reflected the impact of the suspension of its business operations in response to the Covid-19 situation in Cambodia.
The group also reported results for the fourth quarter of 2021, recording 29%, 48% and 28% average monthly turnover growth in the Premium, EGM and Mass Table segments, respectively.
“This satisfactory recovery in mass market and premium gaming turnover was largely contributed by a reasonably sized expatriate community in Cambodia,” the company said in a statement.
The group also projected the future in the business update, saying, “Looking ahead, 2022 will continue to challenge us amid the fluidity of the COVID-19 situation and economic uncertainties.”
“However, with the easing of restrictions and the global economic recovery in sight, NagaWorld is expected to continue to attract tourists from Southeast Asia and East Asia, especially with the inflow of business migration flows to Cambodia.”
“The company looks forward to continuing its current growth recovery in a COVID-19 endemic world, and believes the group’s long-term business outlook and prospects will remain stable.”
NagaCorp is a Hong Kong-listed hospitality, gambling and leisure company. Its Cambodia property, NagaWorld, is the largest casino gambling resort in the country and is the only entertainment complex with an integrated casino in the Phnom Penh region.