NagaCorp Ltd is a developer and operator of casinos, listed in Hong Kong that recently reported their betting volumes for the first nine months of the year. NagaCorp was able to see double-digit growth for year-on-year totals in all gaming segments during this time frame.
Yesterday a filing was submitted by NagaCorp within the Hong Kong Stock Exchange that was based on preliminary unaudited figures. This report showed that VIP rolling from January to September was increased by 11% based on year-on-year with an amount of $6.60 billion in VIP table action. Mass-market table buy-ins were up 13% for the same time frame with chip turnover of $456.6 million. Electronic gaming was also up with a 15% increase reported and $1.14 billion worth of bills placed in machines from January to September. Over time the average casino win rate for baccarat should be 2.85%, indicating gross gambling revenues of about $188m from VIP play.
Currently, NagaCorp is responsible for one flagship property, NagaWorld. The NagaWorld venue is located in Phnom Penh, the capital of Cambodia. The company is also focusing on the construction of another resort, this time in Russia’s Far East. The new venue is only in its early stages and will be located in the Entertainment Zone of Primorye.
NagaWorld is also experiencing an extension with the construction phase of Naga2. The company is adding a hotel and gaming extension to the existing property which should be completed by the middle of next year. NagaWorld will be connected to Naga2 by NagaCity Walk, which is a shopping complex that held a soft opening back in August.
When Naga2 is completed, guests will find over 1,000 hotel rooms and suites, with gaming options including as much as 300 gaming tables and 500 electronic gaming machines.