NagaCorp Profit Surges to $309.9M in 2025

Cambodian casino operator NagaCorp Ltd reported net profit of US$309.9 million for the full year 2025, more than doubling the US$109.6 million recorded in 2024. The increase was partly due to the absence of an US$89.1 million non-cash impairment linked to its halted Vladivostok project, which impacted the previous year’s results. The company continues to benefit from its long-term monopoly on casino operations in Phnom Penh, led by its NagaWorld resort.

Group revenue rose 26.2% year-on-year to approximately US$709.7 million, while EBITDA reached US$404.4 million, up from US$202.8 million in 2024. Profitability also improved, with EBITDA margin at 57.0% and net profit margin at 43.7%. The company attributed the performance to increased activity across all segments, along with a stronger focus on the mass market and the introduction of higher-margin side bet games.

Dividend and Expansion Strategy
NagaCorp announced an interim dividend of US$0.0109 per share, amounting to US$48.3 million, payable on August 7. This represents a 30% payout ratio based on second-half earnings. The distribution reflects the company’s intention to maintain shareholder returns while continuing to invest in expansion projects such as Naga 3, despite cancelling a previously planned funding initiative in December.

Growth Across Gaming Segments
NagaWorld’s gross gaming revenue increased 27.4% to US$691.6 million. Mass-market table revenue rose 27.2% to US$342.4 million, while electronic gaming machines grew 13.5% to US$142.6 million. Overall, the mass-market segment benefited from higher volumes and improved win rates, supported by the addition of side bet features, which contributed around US$39 million in incremental revenue.

Premium mass and VIP segments also delivered strong growth. High-limit mass areas increased their share of total mass table revenue to 38.5%, up from 33.9% in 2024. House-managed premium VIP revenue climbed 32.1% to US$136.2 million, driven by a 51.6% rise in rolling volume. Referral VIP revenue grew 57.2% to US$70.4 million, with volumes up 17.2%.

The company highlighted increased participation from higher-value regional customers, contributing to longer stays, repeat visits and stronger overall performance in premium segments.

Operational Performance and Outlook
The results reflect improved efficiency and higher yields across NagaCorp’s operations, supported by adjustments in product mix and customer targeting. With revenue growth, expanded margins and continued investment plans, the company enters 2026 with sustained momentum, while developments around the Naga 3 project remain under review.