Nagacorp shrugs off virus

Nagacorp of Hong Kong, operator of Phnom Penh’s only integrated hotel-casino complex in Cambodia, has reported that the coronavirus outbreak in China disrupted the industry in the region, but nevertheless in its 2019 financial highlights record GGR up 20 per cent to US$1.7bn.

Net profit is up 33 per cent to US$521.3m and VIP revenues were also up 31 per cent to $46.6m. A subsidiary of Nagaworld, the company is confident that the revenues can be sustained, despite the virus and it will go on to have a successful year to coincide with its 25-year jubilee in 2020.

In its report, the company said that it believes the virus will have only short-term impact and is recommending a dividend of 80 per cent of its net profits from the second half of the year as a special bonus to celebrate its anniversary. Revenue was $1.755bn compared with $1.474m and gross profit was $846.3m compared with $673.4m.