Nagacorp reports GGR increase of 26 percent in 2015

Cambodia casino giant Nagacorp announced today that gross gaming revenue for the year ended Dec. 31, 2015 increased by 26 percent to US$480.6 million, according to a recent filing to the Hong Kong Stock Exchange.

Gross profit increased by 20 percent to $327.8 million, and EBITDA increased by 30 percent to $228.5 million.

VIP rollings increased by 27 percent to $7.9 billion, mass market table buy ins increased by 18 percent to $550.2 million and mass market electronic gaming machines revenue increased by 16 percent to $1.4 billion.

According to the filing, the board has recommended the payment of a final dividend of US cents 1.89 per ordinary share of the company for the year. The final dividend is expected to be paid on May. 10, 2016.

Union Gaming analysts say the outlook is positive for Nagacorp. “Naga remains one of the only marquee names in Asian gaming that continues to deliver solid earnings growth despite the challenging gaming macro. As we look out to the balance of 2016 and into 2017, we continue to see double digit earnings growth for the company (ex up-front slot fees paid to the company), most of which will be delivered by the high-margin, high-visibility mass market and slots segments. At the same time, and contrary to the peer group, we look for Naga to continue to grow earnings associated with VIP gaming, although (importantly) the company’s exposure to this volatile segment remains low at <20% of gross profit."