NagaCorp reports 80% YOY decline

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NagaCorp reports 80% YOY decline

Hong Kong-listed gaming and leisure company NagaCorp Ltd announced a net profit of $102.3m for the year ended 31 December 2020, an 80% drop from $521.3m recorded for the period in 2019. GGR was $869.6m, a decline from $1.8bn in 2019.  EBITDA was reported at $265.2m, a 61% year-on-year decline.

The company recorded $174.3m in GGR from mass market tables, seeing a steady recovery “mainly supported by stable growth in the premium mass segment,” a company statement read. Electronic gaming machines brought in $82.4m. GGR from the VIP market was $613m.

According to the released statement, the profits declined due to global restrictions and cross-border travel policies. NagaCorp resumed its casino business on 8 July 2020, and H2 2020 saw EBITDA and net profit increase by about 99% and about 297% respectively compared to H1 2020.

The company also reported a 95% recovery rate for the mass market segment and 69% for the VIP market segment compared to the pre-closure period of Q1 2020. The company added the “satisfactory recovery of the gaming business volumes and revenues was largely contributed by a reasonably sized expatriate community and to some extent, visitors from East Asia (mainly from China, South Korea and Taiwan) patronising Cambodia’s NagaWorld [pictured] in search of entertainment.”