Content Writer: Janice Chew • Saturday, 25/09/2025 - 22:43:41 - PM
Cambodia’s NagaCorp has revealed a significant leap in its financial performance, with a net profit of US$148.8 million over the first half of 2025 and an EBITDA (earnings before interest, tax, depreciation, and amortization) of US$200.3 million. According to Chairman Philip Lee Wai Tuck, a combination of mass-market gaming, premium tables, and a strong rebound in tourism have all played major roles in driving this upswing.
One of the most powerful growth engines has been NagaCorp’s mass market tables, which recorded 24% year-on-year revenue growth. Key factors include higher win rates and increased play from expatriates, ASEAN visitors, and returning Chinese tourists. The mass market gaming segment is nearly back to pre-COVID levels, now around 97% of what it was before the pandemic. Premium mass tables also improved their share of mass market revenue: up from 33.9% to 37.4%, aided by the introduction of new high-limit gaming products. Likewise, the VIP or “rolling chip” business saw robust growth, with roll volumes rising by 87.9%.
Beyond gaming, non-gaming revenue also chipped in, though more modestly: up 2.1%, boosted by higher hotel occupancy and international events hosted at NagaWorld. Tourism has been a critical catalyst in all this, with 3.4 million international arrivals in the first half of 2025 (a 6% increase), expanded air routes, and more flights. Major infrastructure improvements—like Phnom Penh’s Techo International Airport, expected to open soon—will further enhance capacity and appeal.
Looking forward, NagaCorp appears well-positioned to benefit if these trends continue. As Cambodia expects up to 7.5 million international visitors in 2025, government-backed tourism campaigns and improved logistics will help fuel further growth. With both local captive demand (including the expatriate community) and foreign arrivals increasing, the integrated resort has a competitive edge in capturing both gaming and non-gaming spend. If mass-market and VIP gaming maintain their momentum, and tourism continues its upward trajectory, NagaCorp’s second half could deliver even stronger results.
