NagaCorp offers bright spot in Asia casino market, expansion to drive growth

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. In the nine months to end-September, Hong Kong-listed NagaCorp posted a 47 percent increase in gross gaming revenue to $399.8 million, according to preliminary results. VIP revenue was up 52 percent, while mass revenue gained 43 percent. For Q3, GGR was up 58 percent to $144.4 million, boosted by an almost doubling in VIP numbers, though mass revenue was also strong. “We expect momentum to continue as new initiatives bear fruit,” analysts at Morgan Stanley said in a note commenting on the results. The firm has an overweight...

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