NagaCorp’s first-half profit dips as VIP revenue plunges
Cambodian gaming operator NagaCorp Ltd. (3918.HK) on Monday reported its revenue declined 8.6% year-on-year to $304 million in the first half of the year, as its net profit fell 3.2% to $144 million.
Gaming revenue from the company’s VIP business plummeted 34.8% year-over-year during the period to $65.3 million, while its mass market business rose 2.7% to $238 million.
NagaCorp said its business slowed in the second quarter, which it attributed to impact from the World Cup. It added that international perception of Cambodia has been tarnished by online scams. Rising aviation fuel prices have also driven up airfares, increasing costs for overseas visitors. Compounding those headwinds, heightened geopolitical tensions and a reduction in direct international flights to Cambodia have made travel to Phnom Penh less convenient.
Shares of Naga opened up 2% at HK $3.67 on Tuesday. The stock is down nearly 50% from its 52-week high.
By Lau Chi Hang
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