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NagaCorp reports 223m GGR for financial year ended 31 December 2021

NagaCorp Ltd., which owns and operates NagaWorld, has reported gross gaming revenue (GGR) of $223.5m for the financial year ended 31 December 2021.

The group reported EBITDA of $15.6m and Adjusted EBITDA of $22.4m. Mass Market Tables GGR amounted to $66.5m, with Mass Market Electronic Gaming Machines GGR amounting to $44m. Premium Mass Market GGR was $48.7m, while Referral VIP Market GGR was $64.4m.

NagaCorp noted that its results for the period reflected the impact of the suspension of its business operations in response to the Covid-19 situation in Cambodia.

The group also reported results for the fourth quarter of 2021, recording 29%, 48% and 28% average month-on-month growth of business volume in the Premium Mass, EGM and Mass Table segments respectively.

“This satisfactory recovery of the Mass Market and Premium Mass gaming business volume was largely contributed by a reasonably sized local captive expatriate community in Cambodia,” a statement from the company read.

The group also looked to the future in the trading update, saying: “Looking forward, 2022 will remain challenging amid the fluidity of the COVID-19 situation and economic uncertainties.

“Nevertheless, with the easing of restrictions and the global economic recovery in sight, NagaWorld is expected to continue drawing tourists from South East Asia and East Asia, especially with incoming business migration inflows to Cambodia.

“The company expects to continue its current growth recovery in a COVID-19 endemic world, and believes that the long-term business prospects and outlook of the group will remain stable.”

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