NagaWorld demonstrates positive start to 2021

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NagaWorld demonstrates positive start to 2021

Hong Kong listed NagaCorp has published its financial report for the first quarter of 2021, showing that NagaWorld is recovering after February’s Covid-19 community spread.

The report discussed the average daily volume the company experienced during the first quarters of 2021 and 2020.

It showed that for tables buy-ins NagaWorld generated $3.74m (£2.70m) compared to 2020’s first quarter of $3.76m, showing a recovery percentage of 99%.

As for EGM Bills-in it also experienced a recovery percentage of 99%, since it earned $5.52m in 2020 and $5.44m this year.

The group said that the daily average for table buy-ins and EGMS was actually higher before the February outbreak. Compared to the second half of 2020, the company was making “positive sequential growth.”

It said: “Public floor table average daily buy-ins and EGM average daily bills-in grew by 5.2% and 3.6%, respectively, compared to the respective average daily volume recorded in 2H2020.”

It feels the recovery experienced this year was largely due to a “reasonably sized expatriate community” and visitors flooding in from East Asian countries like China, South Korea, and Taiwan.

For the first three months of 2021, the company had a gross gaming revenue (GGR) of $127m and net gaming revenue of $73m. The mass tables buy-ins amounted to $202m and the GGR for mass tables was $30m, while mass EGM bill-ins reached $298m and GGR $17m.