NagaCorp figures show strong VIP uptick

Cambodian casino operator NagaCorp reported a 43.9 per cent uptick in premium VIP rolling chip in 1Q23 to $976m as China reopened travel to the country.

Despite the VIP rise, gross gaming revenue rose just 6.8 per cent yearly to $117m due to “generally lower” win rates.

According to a Monday stock exchange filing, NagaCorp also saw an uptick in the referral VIP market, with a 117.9 per cent rise annually and 22.6 per cent quarterly to $387.1m, while referral VIP GGR rose 175.6 per cent year-on-year, to $11.7m.

The group notes that many of the increased headcount from the segment was “from our neighboring countries such as Thailand, Malaysia and Singapore.”

“The management observed a continuing increase of visitation to our property,” notes the group, “especially Chinese visitors in March 2023 after the Chinese government allowed tour groups to Cambodia since February 2023.”

The figure accompanied a strong increase in direct weekly flights from Greater China to Cambodia, up 225.7 per cent, to 114 flights.

Source: Asia Gaming Brief