NagaCorp Reports $309.9 Million Profit for 2025 in Cambodia

(AsiaGameHub) –   NagaCorp saw a significant increase in its 2025 earnings, driven by improved revenue and EBITDA across various sectors at its NagaWorld complex in Phnom Penh. The growth was fueled by robust mass-market results, increased VIP engagement, and the introduction of gaming products with better margins.

Good to Know

• NagaCorp’s net earnings for 2025 totaled $309.9 million.
• Total revenue for the group increased by 26.2% to approximately $709.7 million.
• The introduction of side bets and an improved win rate contributed roughly $39 million in additional income.

NagaWorld Boosts NagaCorp’s Financial Performance

The company reported that its annual net profit climbed to $309.9 million, a substantial rise from the $109.6 million recorded the previous year. The 2024 figures had been impacted by a $89.1 million non-cash impairment charge related to a resort development in Vladivostok, Russia.

For 2025, revenue reached nearly $709.7 million, representing a 26.2% increase, while EBITDA surged to $404.4 million from $202.8 million in 2024. This led to an EBITDA margin of 57.0% and a net profit margin of 43.7%.

Management attributed these improvements to increased business volumes and a strategic emphasis on the mass market. They also highlighted the success of high-margin offerings like side bet games, which enhanced the gaming experience and boosted overall profitability.

Gross gaming revenue (GGR) at NagaWorld grew by 27.4% year-on-year to $691.6 million. Revenue from mass-market tables rose 27.2% to $342.4 million, while electronic gaming machines in the mass segment saw a 13.5% increase to $142.6 million.

The company noted that mass-market success was supported by a 12.6% rise in business volume and a win rate of 22.9%. The implementation of side bet games helped elevate win rates throughout the year, contributing an estimated $39 million in extra revenue.

The premium mass segment also played a key role, with high-spending visitors frequenting high-limit zones, improving table yields and shifting the customer demographic. Premium mass revenue now represents 38.5% of the total mass-market table GGR, up from 33.9% in the prior year.

The VIP sector showed growth as well. Revenue from house-managed “premium VIP” services increased by 32.1% to $136.2 million, with rolling volume jumping 51.6% to $5.50 billion. This recovery was linked to an influx of high-value business travelers to Cambodia and increased spending by top-tier VIP clients.

Referral VIP revenue climbed 57.2% to $70.4 million, supported by a 17.2% increase in rolling volume to $2.32 billion.

NagaCorp announced an interim dividend of $0.0109 per share, totaling $48.3 million, scheduled for payment on August 7. This represents a 30% payout ratio based on earnings from the latter half of 2025. Management stated the dividend underscores their commitment to growth and shareholder returns.

Despite the termination of a funding agreement for the Naga 3 expansion in December, the company remains committed to the project. Previous updates suggested that the project’s scope and budget might be adjusted.