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Philip Lee Wai Tuck, chairman of Cambodian casino operator NagaCorp Ltd, attributed the improved performance in gross gaming revenue (GGR) in the first half of 2025 to steady growth in the mass-market tables segment, supported by the strategic rollout of higher-margin side bet games.
In August, NagaCorp reported a GGR of nearly US$332.3 million for the period, marking a rise of 17.2 percent from a year earlier. The company has a monopoly in Phnom Penh, Cambodia’s capital, running the NagaWorld Integrated resort complex until 2045.
NagaCorp has also reported its earnings before interest, taxes, depreciation, and amortization (EBITDA) for the first half of 2025, amounting to US$200.3 million, a significant increase over the US$55.5 million in the same period last year. Following these great results, the group’s overall revenue also increased by 16.8 percent, approximately US$341.8 million.
“Our positive results were attributed to continued growth in all operational segments, producing an upward, stable trajectory in revenue, net profit and EBITDA,” said Mr. Lee in the company’s interim report, released on Thursday.
The mass-market tables segment saw revenue grow 24 percent year-on-year, supported by higher win rates of 22.9 percent. Mr. Lee credited the large expatriate community, visitors from ASEAN countries, and the recovering flow of Chinese tourists as key contributors to this success.
NagaCorp revealed that the average daily business volumes for mass-market tables now stand at 97.3 percent of pre-pandemic levels recorded in the financial year ended December 31, 2019. This reflects the resilience of its captive domestic market, accelerated by a growing expatriate population.
Mr. Lee also noted the appeal of NagaWorld’s premium mass tables, which attract high-value patrons and substantially boost table yield. The company’s data showed that in the first half of 2025, premium mass revenue accounted for 37.4 percent of the total mass-market tables GGR.
“The strategic rollout of higher-margin side bet games has consistently elevated win rates over the past 12 months,” said Mr. Lee. This strategy has enabled mass-market tables’ average daily GGR for the first half of 2025, exceed performances recorded on average daily revenue in 2019.
What followed after these positive financial performances, NagaCorp reported an interim dividend of US$0.0101 per share, amounting to US$44.6 million. This is the company’s initial cash distribution since the financial year ended on December 31, 2021, highlighting the increased confidence in its future.
NagaWorld’s sustained revenue expansion and profitability attest to the success of its strategy to diversify its products and take advantage of the changing customer preferences with diversified betting opportunities. The emphasis on higher-margin side bets has increased yield and appealed to consumers in search of exciting and rewarding play.
With NagaCorp enjoying its monopoly status in Phnom Penh, the company’s performance is the best example of how product innovations specifically targeted to current market conditions and conforming to changing market dynamics can propel success in the casino industry.
As a recovering tourism environment and stable operational platform favor NagaCorp, the company’s momentum shows for a future full of growth as it leverages both domestic and regional tourists while further reinforcing its leadership in Cambodia’s gaming market.
Source: GGR Asia
