Asian casino operator, NagaCorp Limited, has allegedly introduced its financial results for the first half 2018 demonstrating that its net profit rose by 19.6% increase year-on-year to $180.1 million owing to an associated 84.6% increase in aggregated gross gaming revenues to nearly $713.9 million.
Cambodian exclusivity paying off:
According to a report from GGRAsia, the Hong Kong-recorded firm holds the exclusive license to operate casinos in and about Phnom Penh and inaugurated the first phase of the Cambodian capital’s NagaWorld venue in December 2006. It subsequently opened its Naga two expansion in November with both gaming venues now purportedly linked through the subterranean NagaCity Walk shopping mall complex.
NagaCorp Limited also saw its most recent first-half earnings before interest, tax, depreciation and amortization struck $233 million. This motivated boutique investment company Union Gambling Securities Asia Limited to declare in another update that the casino operator is now likely to see this figure increase by at least 10 percent over ‘the upcoming few decades. ’
Mass-market and VIP improvements:
Phnom Penh-headquartered NagaCorp Limited is currently in the process of building the 279-room Naga Vladivostok venue in south-eastern Russia and watched its six-month mass-market gambling volumes swell by 51% year-on-year to about $573.8 million. This was complemented by a 116.8% increase in VIP rolling chip volumes to approximately $16.84 billion.
Naga 2 spurs achievement:
Grant Govertsen from Union Gambling Securities Asia Limited allegedly used the update to proclaim that the opening of Naga 2 had ‘spurred requirement ’ and is now enabling NagaCorp Limited to create ‘flagship-like gaming volumes’ that are often only seen at first-tier Macau casinos.
He explained the new property as a ‘game changer’ together with the most recent financial results indicating ‘the coveted demand trends’ present in Cambodia’s largest city.
Govertsen’s statement reportedly browse …
“The company reported $233 million in earnings before interest, tax, depreciation and amortization during the first half 2018 and that triumph per day for slots and tables has steadily improved during the interval indicates the reception to the property was impressive. This is echoed by our junket contacts, that immediately turned bullish on attracting customers to [NagaWorld] as soon as Naga 2 opened. ”
No signs of cannibalization:
Unlike what oftentimes happens in Macau, Govertsen additionally stated that the six-month monetary effects from NagaCorp Limited indicated that there had been no player or gaming position cannibalization between both NagaWorld casinos.
Govertsen’s statement further allegedly browse …
“A hallmark of this recent Macau [integrated hotel ] openings is that the legacy/sister properties tend to experience a temporary amount of cannibalization rather than only gaming places but customers too are lent to the new property. ”
News on Naga 3 expansion expected:
Finally, Govertsen declared that he expects NagaCorp Limited to create an announcement on its envisioned Naga 3 expansion sometime over the next year to 18 months.
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