NagaWorld recording positive post-coronavirus recovery

Asian casino operator NagaCorp Limited has reportedly announced that business at its NagaWorld facility in Cambodia is quickly recovering after being shut down for a 14-week period from April 1 due to the coronavirus pandemic.

According to a report from Inside Asian Gaming, the Hong Kong-listed firm used an official Sunday filing to detail that the 700-room development recorded aggregated gross gaming revenues of $609.9 million for the first nine months of the year as VIP rolling chip volumes hit a very healthy $15.9 billion.

Encouraging indicators:

Inside Asian Gaming reported that NagaCorp Limited additionally chalked up an average daily mass-market buy-in figure since July 9 for its sole Phnom Penh venue of $3.5 million as the associated gross gaming revenue tally reached $744,000, which represented approximately 93% and 88% of pre-pandemic levels respectively. The source explained that the same twelve-week period also saw NagaWorld’s estate of around 1,600 slots book aggregated daily bills-ins and revenues that were individually equivalent to pre-closure levels at $5.5 million and $316,000.

Luminary lag:

However, NagaWorld reportedly experienced a slower recovery in terms of its VIP sector as daily rolling chip volumes since re-opening reached only 71% of their pre-pandemic levels at $76.1 million with associated revenues coming in at 92% of their antecedent mark at $699 million. NagaCorp Limited nevertheless purportedly declared that the Cambodian property’s mass-market, slots and VIP businesses had combined to record aggregated daily gross gaming revenues since re-opening of $1.7 million, which represented 91% of their pre-closure equivalent.

Reportedly read the filing from NagaCorp Limited…

“For many years, the group has been promoting the growth of mass-market as a more stable gaming segment. It was observed during the third quarter of 2020 that business volume recovery in the mass-market segment is leading [with] the more volatile VIP market following behind by registering a recovery percentage of about 71%. After the re-opening of casino operations in July, the premium mass segment has been the key driver of mass-market revenue growth.”

Added encouragement:

The operator furthermore reportedly used the filing to explain that it had introduced a new range promotions and inducements that are endeavoring to boost post-pandemic visitation to NagaWorld. The firm purportedly stated that these ‘multi-tier incentives’ are based on casino chip buy-in commitments and encompass food and beverage offerings as well as complimentary hotel stays aimed at ‘both the mass and VIP markets.’

NagaCorp Limited’s filing reportedly read…

“Higher committed chip purchases lead to higher value of incentives offered to customers. The competitive incentives offered are expected to increase gaming business volumes.”