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According to NagaCorp’s report, the first-quarter gaming income of 2026 increased marginally due to increased income from the mass market segment that countered the decline in the VIP market. The operator whose shares trade on the stock exchange of Hong Kong is the operator of the integrated casino resort in Phnom Penh known as NagaWorld. Gross gaming income stood at US$174.7 million in the first quarter of 2026.
Mass Market Leads Growth
The company’s top-line improvement was driven entirely by its mass gaming segments. The mass gaming table revenue grew by 23.9% to record an income of US$91.3 million from an increase in mass buy-ins by 15.7% to US$379.6 million. There was also growth in the electronic gaming revenue due to an 8.4% year-on-year growth in the Gross Gaming Revenue (GGR), with bills-in growing by 21.3% to US$811.4 million.
Taken together, those gains gave NagaWorld enough momentum to record higher gaming revenue despite weakness elsewhere in the business. The company’s filing showed that the mass market remained the key engine of performance during the quarter, continuing the trend of stronger activity outside the VIP segment.
VIP Segment Under Pressure
By contrast, the VIP side of the business weakened sharply in the quarter. Direct VIP GGR fell 16.2% to US$35.9 million, reflecting a 42.2% drop in rollings to US$1.16 billion. Referral VIP GGR declined even more steeply, falling 52.4% to US$9.17 million as rollings dropped 54.5% to US$225.9 million.
The figures point to a clear divergence in performance across NagaWorld’s gaming mix. While mass play continued to expand, VIP turnover remained under pressure, dragging on the overall composition of the resort’s quarterly results. Despite all these, the firm was able to record positive total revenue.
Net Revenue And Prior-Year Context
Quarterly net gaming revenue grew by 7.9% to US$160.0 million. This growth was preceded by the very impressive 2025 performance that saw the growth of NagaCorp’s profits, EBITDA, and gaming revenues. Specifically, in its full-year financial performance, NagaCorp recorded an increase in net profit by 56.0% to US$309.9 million, EBITDA by 38.5% to US$404.9 million, fueled by the increase in gross gambling revenue by 27.4% to US$691.6 million.
The latest quarter shows that NagaWorld’s business mix remains uneven, with mass gaming continuing to build while VIP activity eases. The company’s first-quarter filing suggests that the current performance is still being shaped by that split, with broader revenue growth now more dependent on mass market momentum than on high-end play.
Quarter Opens On Mixed Note
NagaCorp experienced a mixed start in 2026, recording modest growth in GGR. The gains were recorded against the backdrop of a weak VIP market, forcing the casino operator to depend on mass gaming revenue growth. For the company, the trend is significant since it may determine how the remainder of the year plays out.
Source: Inside Asian Gaming
