NagaWorld was founded in 1995 in the capital city of Cambodia, a city steeped in Khmer history. NagaWorld consists of some 1 million square feet and approximately 700 Suites and Deluxe Rooms, public and premium gaming halls, an all-suite luxury spa, shopping gallery, 19 food and beverage outlets, extensive entertainment services and premium meeting spaces with state-of-the-art facilities, as well as one of the country’s largest hotel convention spaces that can accommodate more than 1,000 delegates. As at 30 June 2014, NagaWorld had 169 gaming tables and 1,544 electronic gaming machines in operation.With a multi-faceted 8-storey wing dedicated to entertainment, the spirit of adventure is palpable in the exquisitely themed public gaming halls, karaoke lounges and gaming machines. The combined offering of approximately 700 luxurious Deluxe Rooms and plush Suites in the 16-storey Hotel Wing and a dedicated spa means you will enjoy lavish comfort and an invigorating time of discovery that extends beyond the norm.The reputable business and entertainment hub at NagaWorld has played host to several world leaders and global blue-chip companies. NagaWorld is now an established icon and is widely recognised as the best entertainment and meetings, incentives, conventions and exhibitions (“MICE”) destination in the Mekong Region.
Thousands of employees working at NagaWorld in Cambodia have gone on strike, demanding higher pay and better working conditions, local media reports. Around 3,000 workers joined the strike in front of the NagaWorld hotel and casino on Thursday, demanding a pay rise to $300 a month for hotel staff and $500 a month for gambling […]
Nagacorp posted a 36 percent jump in net profit in the six months to end June, with strong growth in the mass market helping to boost profit margins.
Hong Kong-listed NagaCorp on Sunday shared further details around its $3.5 billion Naga 3 expansion plan. Earlier this year, the company said the Naga 3 project is set to deliver greater gaming and non-gaming spaces, comprising of amenities and facilities not available at Naga 1 and 2, including high-tech virtual reality interactive indoor theme parks, […]
Cambodia-based casino operator NagaCorp Limited saw a 181 percent increase in gross gaming revenue for the first quarter of 2018, according to the company’s latest unaudited operational results. Mass-market business led the charge, with mass table buy-ins up 56 percent to $263.8 million, while EGM Bills-in increased 24 percent to $515.4 million. Union Gaming analysts […]
Cambodian casino operator NagaCorp reported a 39 percent increase in net profit for the full-year 2017, reaching $255.2 million. Gross gaming revenue increased by 85 percent to $926 million, while EBITDA increased by 25 percent to $319.7 million. Nagacorp said it continued to achieve solid growth in the mass market segment, with mass market table […]
NagaCorp hosted a media tour on 2 November in Phnom Penh to showcase the upscale new addition to NagaWorld. With the theme “Discover Gold”, the soft opening this week of Naga 2 is strategically set to coincide with one of Cambodia’s biggest holidays – the water festival – during which many Cambodians travel to Phnom […]
Naga 2, the hotel and gaming extension to the NagaWorld casino and resort, held its soft opening yesterday, local media reports. The soft opening is set to last until November 4, and will give local Cambodians significant discounts at its food and music carnival. The US$369 million Naga2 expansion has a total built-up area of […]
Nagacorp, which runs Cambodia’s NagaWorld, reported VIP rollings in the nine months to the end of September surged 67 percent to $11 billion, as it continued to benefit from increased China visitation to the country. The company, which is scheduled to open it Naga2 complex in the next few weeks, said mass table buy ins […]
Cambodian casino operator NagaCorp posted a boost in net profit for the half year ended June 30, 2017, attributed to robust business volume growth across all segments, particularly in VIP. Net profit for the period reached US$150.6 million, a 20 percent year-on-year growth compared to 16H1. NagaCorp said VIP rollings increase 71 percent in the […]
Junket operator Jimei International Entertainment Group Ltd. swung to a loss in the full-year ended Dec. 31, 2016. Jimei said loss attributable to owners of the company hit HK$39.8 million in the year, compared to a profit of approximately HK$8.7 million in the year 2015. “The loss was mainly attributable to the impairment loss on […]
Hong Kong-listed NagaCorp said its IR project in Vladivostok, Russia, remains “broadly on schedule for operation by 2019.” In a commentary in its annual report, Chairman Timothy McNally wrote that the company has established an office in the city center and a number of key personnel have been appointed to monitor various aspects of the […]
Tax revenue collected from Cambodia’s casinos jumped by about 40 percent in 2016 helped by increasing volumes, government efforts to improve tax collection and an accord with the country’s biggest operator NagaCorp. Ros Phearun, a deputy director-general of the Finance Ministry’s financial industry department, was cited by local media as saying that the government and […]
Hong Kong-listed NagaCorp posted a 7 percent year-on-year increase in net profit for the full-year ended Dec. 31, 2016. According to a filing to the Hong Kong Stock Exchange on Wednesday, net profit for the year came in at US$184.2 million, attributed to “better cost control and the 2016 EGM Fee”. Revenue increased 5.5 percent […]
A recent public hearing in Cambodia has confirmed Naga Corp’s exclusivity in Phnom Penh through 2035, said Union Gaming in a note. “There was a public hearing today on the draft gaming bill that, at some point, will become law. Importantly, Naga’s existing rights are protected… Specifically, the bill sets in stone Naga’s exclusivity within […]
Cambodia collected a total of US$37.4 million in taxes from casinos in the first nine months of 2016, reports Xinhua, quoting a finance ministry report released on Tuesday. The tax revenue represents a 35.5 percent increase over the same period last year, following a number of changes the government took to improve the transparency, efficiency […]
Nagaworld has reached a deal with the Ministry of Economy and Finance for a new tax rate on non-gaming operations, a ministry official has told local media. Ros Phirun, deputy director-general of the finance industry department at the Ministry of Economy and Finance said the new tax rate comes as a result of an audit […]
The Cambodian government is conducting an audit of NagaWorld to assess its tax liabilities on non-gaming operations, local newspaper Phnom Penh Post reports. “The audit is ongoing and we have yet to finalise how much NagaWorld owes for their non-gaming operations,” said Ros Phirun, deputy director of the finance industry department at the Ministry of […]
Phnom Penh’s NagaCity Walk held its soft opening on Wednesday, with duty-free goods ranging from tobacco, perfumes, designer watches to cognac. According to the Phenom Post, the retail area was only 50 percent complete when the mall opened, with construction continuing on the other half. Employees were seen putting the final touches on displays and […]
HK-listed Nagacorp Ltd has reported its net profit increased 24 percent to US$125.2 million for the six months ended June 30, 2016. “The positive results were attributable to an increase in business volume across all segments of the gaming business,” said the operator in a filing. According to its interim results released on Monday, the […]
Pan-Asia focused Entertainment Gaming Asia Inc. has announced it will sell all 670 of its electronic gaming machine (EGM) seats placed at NagaWorld Casino to a third-party in Cambodia for US$2.5 million. In a press release on Wednesday, the company said that prior to the sale, the company had leased EGMs to NagaWorld and that […]
The construction progress of Naga2 and the forthcoming opening of NagaCity Walk are positive signs for the Cambodia-based casino operator, says Union Gaming who recently conducted a site visit. “We expect continued strong volume trends in 2Q16 and have a decidedly positive outlook on 2H16 and beyond, including the forthcoming openings of NagaCity Walk and […]
NagaCorp’s NagaWorld was ordered by Cambodia’s Minister of Land Management to stop construction on an awning that encroaches on a public sidewalk as the government seeks to make an example of companies ignoring building regulations, local media reports. The awning at the casino allegedly extends three meters onto a public sidewalk, the reports said. “NagaWorld […]
HK-listed Jimei International Entertainment Group said it had entered into junket agreements with Australian and Cambodian casinos last year, according to its 2015 annual report. In February 2015, the junket investor signed an arrangement with Crown Perth to promote approximately 8 to 10 gaming tables at the Crown Perth Casino. In May, the group also […]
HK-listed Nagacorp announced strong results for the first three months of 2016, with VIP volume leading in growth for the period. VIP rolling chip volume for the first quarter was up 65 percent, to US$2.8 billion, up from $1.7 billion in 2015. Mass EGM bills increased 32 percent to $381 million, and mass public floor […]
Hong Kong-listed Nagacorp Ltd has reported positive financial results for 2015, with net profit at US$172.6 million, up 27 percent from 2014, according to its 2015 annual report. Nagacorp chairman, Timothy McNally says the positive results were attributed to operational and execution efficiency, private-public sector cooperation and “an increasingly vibrant tourism market” which led to […]
Nasdaq-listed Entertainment Gaming Asia Inc announced it will continue leasing slot machines and related equipment to Cambodia’s NagaWorld from Mar. 1, 2016, according to a recent filing. The gaming supplier says it has jointly operated a total of 670 slot machines on Nagaworld’s casino floor since May. 25, 2010, splitting net win from all machines […]
Nagaworld’s main union is collecting a list of members in order to prove it represents more than 50 percent of employees at the Cambodian casino complex. If successful, the union will be able to apply for “most representative status” thereby gaining more bargaining power with the casino’s owners. Once achieving the MRS status, union leaders […]
Cambodia’s new strategy to boost tax revenue by improving transparency, efficiency and equity of the tax system has paid off, with a total of $34.7 million in taxes taken from Cambodia’s casinos in 2015, a 33 percent increase from 2014, according to local media. The strategy helped the government to collect more taxes by better […]
Entertainment Gaming Asia swung to a profit in Q3 on higher revenue, as growth in its Cambodian gaming operations and an order from a new casino in Macau helped to offset a weaker performance in the Philippines. The company reported net income of $1.4 million, or $0.10 per share, on a weighted average diluted share […]
NagaCorp reported a 47 percent increase in gross gaming revenue at its NagaWorld Casino in Phnom Penh, Cambodia, for the first nine months of the year. GGR reached $399.85 million compared to $271,86 million in the same period the year before, the company said in a filing. Gross revenue from the VIP market amounted to […]
NagaCorp’s winning streak is expected to continue, following positive 15Q3 results, as new initiatives bear fruit, according to Morgan Stanley research. NagaCorp reported 58 percent YoY growth in gross gaming revenue to $14.4 million driven by both VIP and mass. MS says that table drop facilities installed in July, stronger marketing with agents selling chips to […]
Nagacorp said its gross gaming revenue surged 42 percent in the first half, driven by a 50 percent jump in VIP rollings. The company, which operates the NagaWorld casino in the Cambodian capital Phnom Penh, posted GGR of $255.4 million in the period, according to a filing with the Hong Kong Stock Exchange. Net profit […]
Entertainment Gaming Asia posted a 54 percent jump in Q2 revenue, helped by a gain in both its gaming operations and gaming products business, with strength in Cambodia offsetting weakness in the Philippines. Adjusted EBITDA was $3.3 million compared to $2.1 million in the second quarter of 2014. Excluding the discontinued operations from Dreamworld Pailin, […]
Jimei International said one of its units will run a junket operation at NagaCorp’s NagaWorld casino in Cambodia for an initial period of one year. The company said in a Hong Kong Stock Exchange filing that it currently plans to promote at least seven VIP tables, though that may change over time. The one-year contract […]
NagaCorp, operator of Phnom Penh’s NagaWorld, said it expects to record a significant year-on-year increase in net profit attributable to shareholders as a result of a recent accord to operate electronic gaming machines with a group of investors. The company sees profit of not less than $100 million and potentially more for the half year […]
Nagacorp said it has reached an accord with a group of four investors over a new electronic gaming area in its NagaWorld casino in Phnom Penh, under which it will receive $40 million for the management of about 300 machines. The investors have agreed to deposit a further $10 million with Naga to buy state-of-the-art […]
NagaWorld is among the regional properties participating in the All Asia Dealers Championship.
At press conference held on Tuesday May 12, 2015 in Macau, the All Asia Dealers Championship (AADC), taking place concurrently with G2E Asia 2015 and hosted by Asia Gaming Brief and Reed Exhibitions, announced the details of the competition. In all, fourteen teams, totaling over 50 Dealers, from Macau and across Asia have already confirmed […]
NagaCorp Ltd. announced it has entered into an agreement with C.M.C Phnom Penh Import Export Co. to grant the company a designated electronic gaming business in NagaWorld. CMC has agreed to pay NagaCorp $40 million to set up the gaming space on the ground floor of the Phnom Penh casino. CMC, owned by independent Chinese […]
Union Gaming remains fixed on its Buy rating on shares in Hong Kong-listed NagaCorp due to the company’s continuing success and growth prospects. Analysts Grant Govertson and Felicity Chiang said following a recent visit to Cambodia they believe NagaCorp, which operates Phnom Penh’s Nagaworld casino, will report above-consensus results over the next few years and […]
Cambodian casino operator NagaCorp will continue to outperform Macau gaming stocks but profit growth fueled by VIPs could be limited and volatile, according to analysts at Morgan Stanley Research. The Hong Kong-listed company, which operates Phnom Penh’s NagaWorld casino, reported gross gaming revenue increased 17 percent to $381.4 million last year, with VIP rollings rising […]
NagaCorp’s gross gaming revenue increased by 17 percent to $381.4 million last year, with VIP rollings rising by 35 percent to $6.2 billion, according to the company’s latest financial statement. The company – which operates Cambodia’s biggest casino, NagaWorld in Phnom Penh – said Macau’s downturn offers opportunities to further attract Chinese gamblers. “The downturn […]
Australia-based IPG (or Indo-Pacific Gaming) International has appointed a former accountant and consultant as the new general manager responsible for all Asian sales and marketing. Gus Noble is to be based in Phnom Penh, Cambodia as IPG International is linked to virtual games specialist Kiron Interactive (Pty) Ltd which will provide a Keno gaming system […]
NagaCorp doubled the footprint of its Cambodian casino with the opening of the Naga 2 complex earlier this month, but the Hong Kong-listed operator is not content to stop there, with its founder outlining a vision to become a global hospitality group. The company, which was recently valued at more than $5 billion by Colliers International Hong Kong, started on a barge in 1993 after a United Nations coalition government was formed to restore peace and rebuild the war-torn nation. After opening Naga 2, the company's founder and CEO outlines his vision for growth.
With its pristine, golden beaches and exotic temples, Asia has cemented itself as a premium tourist region, attracting millions of travellers every year. Yet, these same attractions may also be keeping them away from Asia’s integrated resorts, with many tourists no longer drawn by slot machines and gaming tables, instead preferring to spend their hard-earned time and money on non-gaming entertainment options. So how do IRs stay relevant?
Cambodia’s gambling industry is eyeing moves to open up the market in neighbouring Vietnam with trepidation, though views are mixed on the potential impact. Casinos lining Cambodia’s border with Vietnam have long benefited from traffic from Vietnamese who have been banned from gambling at home. Vietnamese are estimated to spend about $800 million annually gambling overseas, with a large chunk of that funnelled into its neighbor’s casinos.
Integrated resorts have become a buzzword in the gaming industry, with investors and governments around Asia looking to the model as they prepare plans for new markets and properties. However, as gambling revenue in Asia's biggest resorts declines is the IR model the right formula for success?
On an overcast morning in Cambodia's capital, Phnom Penh, the country's flagship casino looks less familiar than it did a year ago as construction obscures the entire front entrance. NagaWorld, which began as a boat moored on the Mekong River 20 years ago, is undergoing a major revamp, which is expected to help accelerate growth at one of the brightest spots in Asia’s casino industry.