Hong Kong, 25 August 2025 — NagaCorp Ltd (3918.HK), operator of NagaWorld in Phnom Penh, reported gross gaming revenue of US$332.3 million for the first half of 2025, up 17.2% year-on-year. EBITDA rose 38.5% to US$200.3 million, while net profit surged to US$148.8 million, boosted by strong mass market growth and a recovery in VIP play. The mass segment generated US$232.1 million, up 20.9%, with a margin of 89.1%, while VIP revenue increased 9.6% to US$100.2 million.
The results were underpinned by Cambodia’s tourism rebound, with international arrivals via Phnom Penh Airport recovering to 98% of pre-pandemic levels. Mass-market turnover rose 11.6% year-on-year and nearly reached pre-COVID levels, while VIP rolling volume climbed 89% and surpassed 2019 figures by 56%. Business travel and returning premium patrons contributed to higher average spending, while NagaCorp continued to deepen partnerships with junket operators. With mass and VIP markets together contributing over 90% of total gaming revenue, NagaCorp reaffirmed its resilience and long-term growth outlook amid Cambodia’s strengthening position as a regional tourism hub.
