NagaWorld Holdings’ gross gaming revenue nearly hits HK$1 billion in the first quarter, with VIP gaming accounting for 63% of total revenue

NagaWorld Holdings' gross gaming revenue nearly hits HK$1 billion in the first quarter, with VIP gaming accounting for 63% of total revenue

NagaWorld Holdings (3918), which operates casinos in Phnom Penh, Cambodia, announced the financial results for the first quarter of 2021. The group’s total gaming revenue for the first three months of this year stood at US$127 million (approximately HKD990 million); the net gaming revenue was US$72.604 million (approximately HK$564 million). The company reported a total mass market table games revenue of US$29.724 million (approximately HK$231 million); electronic gaming machines revenue of USD17.104 million (approximately HK$133 million); and total VIP gaming revenue of US$80.51 million (about HK$626 million), accounting for about 63.3% of total gaming revenue.

The report mentioned that before the latest community outbreak of Covid-19 in Phnom Penh, the average daily betting chips in mass market gaming tables and the average daily turnover of electronic gaming machines recorded a recovery rate of about 99% compared with last year.

The report also showed the recovery of the Group’s turnover in the first quarter of 2021. The average daily betting volume of mass market table games reached US$3.74 million (approximately HK$29.09 million), and the betting volume of electronic gaming machines reached US$5.44 million (approximately HK$42.31 million). In terms of VIP turnover, the average daily amount was US$56.6 million (approximately HK$440 million), which was only 53.1% of the US$106 million (approximately HK$828 million) in the first quarter of 2020.

According to the report, the average daily turnover of the mass market segment recorded continuous positive growth, which reflects the trend of gradual growth. Therefore, compared with the average daily turnover of the second half of 2020, the average daily turnover of the mass market table games and the average daily input of electronic gaming machines recorded increases of 5.2% and 3.6%, respectively in the first three months of 2021.