Key Moments:
- NagaCorp Ltd. reported a 29.6 percent rise in gross gaming revenue to $532.2 million for the nine months ending September 30, 2025.
- Premium VIP rolling volume soared by 77.7 percent year-on-year, reaching $4.69 billion during this period.
- Mass market and referral VIP segments both showed significant growth, with tables and electronic gaming showing double-digit gains.
Robust Gains Led by Premium VIP Activities
NagaCorp Ltd., headquartered in Phnom Penh, delivered significant revenue growth over the first nine months of 2025, largely propelled by its premium VIP gaming segment at the NagaWorld integrated resort. According to an announcement filed with the Hong Kong Stock Exchange on October 1, rolling volumes in the premium VIP category climbed to $4.69 billion, marking a 77.7 percent jump from the same period last year. Gross gaming revenue (GGR) contributed by these high-stakes players rose 35.8 percent to $109.8 million.
Company-Wide Performance and Revenue Metrics
For the nine months ending September 30, total gross gaming revenue reached $532.2 million, reflecting an increase of 29.6 percent from $410.8 million recorded in 2024. Net Gaming Revenue also expanded 30 percent, totaling $466.5 million. These results demonstrate NagaCorp’s ability to sustain robust momentum amid ongoing recovery in Cambodia’s broader tourism and gaming landscape.
Nagacorp's 9M25 results shows GGR up 30% YoY, though VIP (lower margin) outpaced mass growth. Stock has doubled YTD but is still down >40% down pre-Covid levels.
— ਤਰਨਵੀਰ ਕਾਉਂਕੇ (@taranvirkaonke) October 1, 2025
| Segment | Performance Metric | 2024 | 2025 | Year-on-Year Change |
|---|---|---|---|---|
| Premium VIP | Rolling Volume | $2.64 billion | $4.69 billion | +77.7% |
| Premium VIP | GGR | – | $109.8 million | +35.8% |
| Referral VIP | Rolling Volume | – | $2.05 billion | +46.5% |
| Referral VIP | GGR | – | $57.9 million | +45.3% |
| Mass Market Tables | Buy-ins | – | $1.13 billion | +14.1% |
| Mass Market Tables | GGR | – | $258.4 million | +29.9% |
| Electronic Gaming Machines | GGR | – | $106.1 million | +16.4% |
| Electronic Gaming Machines | Bills-in | – | $2.16 billion | +13.5% |
Segment Highlights: Referral VIP and Mass Market
The referral VIP segment witnessed strong improvements, as rolling volume ascended 46.5 percent to $2.05 billion compared to the previous year, with associated GGR rising 45.3 percent to $57.9 million. This performance spotlights the robustness of NagaCorp’s referral VIP agent network and growing revenue from this channel.
The mass market segment maintained healthy momentum. Public floor tables achieved buy-ins totaling $1.13 billion, up 14.1 percent year-on-year, and GGR from these tables reached $258.4 million, an increase of 29.9 percent. Electronic gaming machines generated $106.1 million in GGR on $2.16 billion of bills-in, translating to an annual increase of 16.4 percent and 13.5 percent respectively.
Operational Strength and Strategy
Chairman Philip Lee Wai Tuck referenced in the company’s interim results that expanding mass-market play, elevated premium tables, and a strengthening tourism scene in Cambodia all bolstered performance. Over the six-month period ending June 2025, the company recorded a net profit of $148.8 million and EBITDA of $200.3 million.
According to Lee, “continued return of leisure and business-associated visitation to NagaWorld, underpinned by a domestic market comprising a significant expat community” played a crucial role in maintaining growth. Other key factors included stable operational staffing, a diverse gaming portfolio, and a mass-market table segment that advanced 24 percent in the first half. Enhanced win rates and increased activity among expatriates, ASEAN tourists, and returning Chinese travelers supported this recovery, approaching 97 percent of pre-pandemic activity.
Resilient Performance and Outlook
The nine-month financial results reinforce NagaCorp’s trajectory of recovery and expansion following global disruptions. The premium VIP sector remains a substantial pillar, while ongoing growth in both mass-market and referral VIP channels underpins a more diversified revenue base. With the resurgence in Cambodia’s tourism industry and business visits rebounding, the outlook for NagaWorld appears optimistic.
The financial and operational data highlight the integrated resort’s solid position in the market, underscored by resilient international and domestic visitor flows. The sustained focus on targeted customer engagement continues to enhance both spending and footfall, supporting NagaWorld’s reputation as a leading gaming hub in Southeast Asia.
- Author
Daniel Williams
