NagaCorp, a Hong Kong-listed gambling company, has published its unaudited operational highlights for the first quarter of the year, reporting a significant increase in gross gaming revenue. The companyβs results were underpinned by a strong performance of the premium VIP market.
In the three months ended March 31, 2024, NagaCorp recorded a total GGR of $145.4 million. This figure marks an increase of 23.7% year-on-year, demonstrating the companyβs growth trajectory. For reference, NagaCorp recorded only $117.5 million in revenue in the first quarter of 2023.
EBITDA for the period reached $80.3 million, representing a 32.6% increase from $60.6 million in Q1 2023. Β
NagaCorp also reported a total cash and bank balance of $414.3 million as of March 31. It also announced its intention to drawdown a loan of up to $80 million. The money will be used to pay the outstanding 7.95% senior notes upon their maturity on July 6 this year. Β
The VIP Segments Experienced Significant Growth
The mass market segment continued to grow and was singlehandedly responsible for over half of the companyβs total GGR. Gross revenues from the segment stood at almost $92.5 million, or a 19.9% increase from $77.1 million in Q1 2023. The mass market also contributed $951.3 million in table buy-ins and electronic gaming machines bill-ins.
The premium VIP market segment, on the other hand, reported $1.16 billion in rollings and $35.5 million in GGR. The latter figure represents an increase of 24.3%, attesting to a strong VIP market growth.
Finally, the referral VIP Market segment recorded $351.2 million in rollings and $17.4 million in GGR. Although the segment experienced a 9.3% decline in rollings, the GGR skyrocketed by 47.5%.
According to NagaCorpβs announcement, the mass market average daily business volumes reached 86.6% of the pre-pandemic levels. The segment continued to grow thanks to a favorable performance of mass market table games and premium mass high-limit table games.
The average daily business volumes for the mass market in Q1 2024 are the highest since the reopening of its property in Q3 2021, NagaCorp noted. The company also said that the management continued to observe an increase in visitation.
The premium VIP marketβs average daily business volumes, on the other hand, exceeded the pre-pandemic levels, the company announced, as the segment continued to register positive growth. The recovery of tourism in Cambodia further reinforced the segment as the country reported, as did the increase in business-related travel. Β
Finally, the referral VIP market recorded solid growth. The company announced its intention to continue developing and investing in the segment.