Asian casino operator NagaCorp Limited has released its financial results for 2017 showing that it experienced an almost 80% increase year-on-year in total revenues to $956.3 million alongside an over 28% improvement in its gross profit to $472.9 million.
NagaCorp Limited is responsible for the NagaWorld casino and entertainments complex in Cambodia and revealed that its earnings before interest, tax, depreciation and amortization for the twelve months to the end of December had swelled by 24% year-on-year to $319.7 million with its net profit rising by some 38.5% to reach $255.2 million.
Hong Kong-listed NagaCorp Limited also explained that the twelve-month period saw 65% of its total revenues at $625.3 million come from VIP gaming activities, which was up from 42% in 2016. However, the firm detailed that mass-market table and slot games had accounted for only 32% of its total takings at $300.6 million with this proportion representing a drop of 20% when compared with 2016.
NagaCorp Limited additionally announced that 3% of its total 2017 revenues at $30.4 million had come from non-gaming activities, which represented a proportional drop of 50% year-on-year, while its $925.9 million in annual gross gaming revenues was 85% higher than for the previous twelve-month period.
“Our growth and positive results were attributed to a combination of solid business strategy and acumen, operational and execution efficiency and an increasingly vibrant tourism market in a politically stable country leading to an increase in business volume across all segments of the gaming business,” read a Thursday statement (pdf) from Timothy McNally, Chairman for NagaCorp Limited. “Today we operate the largest integrated leisure and gaming entertainment destination in the Mekong region.”
NagaCorp Limited moreover declared that Cambodia welcomed approximately 5.6 million foreign tourists last year, which represented a rise of 12% year-on-year, with the numbers coming from mainland China growing by 46% to reach 1.2 million. As such, it stated that Chinese visitors had accounted for some 22% of all vacationers in 2017 followed by those from Vietnam at 15% while Laotians made up a further 9%.
“Cambodia continues to attract visitors from Asia and other nations, benefiting from its appeal as a tourism destination and the abundance of business opportunities that exist in an emerging economy with political and social stability,” read the statement from McNally.