Cambodian casino operator NagaCorp Limited has released its interim financial results for the first six months of 2016 showing a 24% increase year-on-year in net profit to $125.18 million.

The firm behind the NagaWorld gaming resort in Phnom Penh, NagaCorp Limited revealed that its total first-half revenues rose by 10.3% year-on-year to $288.47 million while its gross profit for the six-month period hit $206.74 million, which represented an improvement of 12.9%.

The Hong Kong-listed company declared that NagaWorld had accounted for 96.1% of its total gross revenues for the period at $277.1 million with the Cambodian property’s gaming operations bringing in $251.43 million, which was 10.2% higher than for the same period in 2015.

NagaCorp Limited stated that NagaWorld offers 209 VIP gaming tables alongside 87 mass-market counterparts and 1,662 slot machines. It proclaimed that rolling chip turnover from the VIP segment at the property for the six months to June 30 had jumped by 26% year-on-year to about $4.5 billion off of a win rate of 2.5% while it moreover had made provision for an impairment loss of approximately $800,000. For the mass-market sector, the firm explained that table buy-in at the development had improved by 17% to nearly $305.6 million with the figure for electronic gaming machines rising by 18% to $741.8 million.

Phnom Penh-based NagaCorp Limited additionally noted that gaming table revenues for the six-month period had swelled by 6.3% year-on-year to $173.6 million while slot revenues topped $103.5 million, which was a boost of 17.5% and helped by a group of investors earlier paying $60 million to place and operate their machines in NagaWorld.

Away from the financials and NagaCorp Limited moreover predicted that its new NagaCity Walk shopping complex next door to NagaWorld is expected to open later this month. The Cambodian firm acquired the owner of NagaCity Walk, Citywalk Group, from NagaCorp Limited controlling shareholder Chen Lip Keong in May for $94 million and stated that China Duty Free Group had already leased about 41,979 sq feet of the development.

“The opening of the NagaCity Walk in August of 2016 will mark a significant step in the group’s development,” read a statement from NagaCorp Limited. “NagaCity Walk will enhance the overall retail experience available to patrons and further strengthen NagaWorld’s appeal to both the VIP market and mass market.”

Finally, NagaCorp Limited used the release of its financials to furthermore declare that its Russian casino project near the port city of Vladivostok “remains broadly on schedule for operation by 2018”.

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