Opinion on Nagacorp Investments

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Re: Opinion on Nagacorp Investments

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NagaCorp figures show strong VIP uptick
April 4, 2023
by Asia Gaming Brief

Cambodian casino operator NagaCorp reported a 43.9 per cent uptick in premium VIP rolling chip in 1Q23 to $976m as China reopened travel to the country.

Despite the VIP rise, gross gaming revenue rose just 6.8 per cent yearly to $117m due to "generally lower" win rates.

According to a Monday stock exchange filing, NagaCorp also saw an uptick in the referral VIP market, with a 117.9 per cent rise annually and 22.6 per cent quarterly to $387.1m, while referral VIP GGR rose 175.6 per cent year-on-year, to $11.7m.

The group notes that many of the increased headcount from the segment was "from our neighboring countries such as Thailand, Malaysia and Singapore."

"The management observed a continuing increase of visitation to our property," notes the group, "especially Chinese visitors in March 2023 after the Chinese government allowed tour groups to Cambodia since February 2023."

The figure accompanied a strong increase in direct weekly flights from Greater China to Cambodia, up 225.7 per cent, to 114 flights.
Source: Asia Gaming Brief
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Re: Opinion on Nagacorp Investments

Post by cautious colin »

Nice to see they are making money.

Have they managed to pay their workers yet?
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Re: Opinion on Nagacorp Investments

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NagaCorp pushes back Naga 3 completion
June 5, 2023
by Asia Gaming Brief
Cambodian gaming operator NagaCorp is pushing back the completion date of its $3.5bn Naga 3 project in Phnom Penh by four years to September 2029.

In a stock exchange filing on Sunday, NagaCorp indicated that the group was "seriously considering options of developing Naga 3 matching revenue generation with capex expenditure." This includes a project resize.

The group on Saturday entered into a supplemental agreement to adjust the completion date of the Design and Build Agreement to "on or before September 30, 2029, subject to other further adjustments which may be mutually agreeable between Naga 3 and the contractor."

The group notes that the date change is "in view of the external geopolitical macroeconomic environment and the stiff global inflationary pressures."

The third phase of NagaWorld is expected to elevate the resorts offerings to 5,000 hotel rooms, 1,300 gaming tables and 4,500 electronic gaming machines, with 93 per cent of the floor space to be devoted to non-gaming. The initial projected cost for the Naga 3 extension was $3.5bn.

Source: Asia Gaming Brief
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Re: Opinion on Nagacorp Investments

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Moody’s downgrades NagaCorp’s rating on refinancing woes
June 14, 2023
by GGR Asia
Moody’s Investors Service says it has downgraded to ‘B3’ from ‘B2’ the corporate family rating of casino developer and operator NagaCorp Ltd. The institution has also changed the outlook on NagaCorp to ‘negative’, from ‘ratings under review’, it stated in a Monday report.

The senior unsecured rating on the company’s U.S. dollar bond was also downgraded to ‘B3’, said the ratings agency. The bond is “unconditionally and irrevocably” guaranteed by the major operating subsidiaries of NagaCorp, it noted.

NagaCorp has a long-life monopoly casino licence for the Cambodian capital, Phnom Penh, where it operates its NagaWorld resort complex.

In full: https://www.ggrasia.com/moodys-downgrad ... cing-woes/
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Re: Opinion on Nagacorp Investments

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NagaCorp 1H profit up 57pct y-o-y, revenue US$263mln
Jul 19, 2023
[excerpts]
NagaCorp Ltd, operator of NagaWorld, a casino resort monopoly in the Cambodian capital Phnom Penh, reported a net profit of US$83.0 million for the first half of 2023, up 57.4 percent from a year ago.

For the three months to June 30, net profit reached US$52.8 million, an increase of 75.1 percent quarter-on-quarter, the firm said in a filing on Wednesday to the Hong Kong Stock Exchange.

The group’s first-half earnings before interest, taxation, depreciation and amortisation (EBITDA) were US$143.2 million, 10.1-percent higher than in the prior-year period. Second-quarter EBITDA stood at US$82.6 million, up 36.3 percent sequentially.

Group-wide revenue for the six months to June 30 rose by 9.8 percent year-on-year, to just above US$263.0 million.

Gross gaming revenue (GGR) from casino operations amounted to US$252.3 million, a 7.9-percent increase from the first half of 2022. Second-quarter GGR grew by 14.7 percent sequentially, to US$134.8 million.
...
NagaCorp said it had total cash and bank balances of US$261.3 million as of June 30, compared to US$175.2 million as of the end of 2022.

The firm’s net debt stood at about US$208.6 million as of June-end. “The company is confident that it can discharge all of its financial obligations when the outstanding senior notes mature in July 2024,” it stated.

In June, Moody’s Investors Service downgraded to ‘B3’ from ‘B2’ the corporate family rating of NagaCorp. “The rating downgrade and negative outlook reflect NagaCorp’s lack of refinancing progress for its US$472 million U.S. dollar bond coming due in July 2024,” said at the time the ratings agency.

NagaCorp confirmed in Wednesday’s filing that construction of Naga 3, an addition to the NagaWorld gaming complex, has been pushed back by four years, as the firm is “considering options” regarding completion of the project. Such options include the possibility of resizing the Naga 3 project.
https://www.ggrasia.com/nagacorp-1h-pro ... -us263mln/
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Re: Opinion on Nagacorp Investments

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NagaWorld to win from Cambodia tourism comeback: chair
Aug 25, 2023

Tim McNally, chairman of Cambodian casino resort operator NagaCorp Ltd, says the group believes it will “benefit” from a forecast return in 2025 to pre-pandemic numbers of visitors to the country.

Referring to the group’s casino-resort monopoly in the Cambodian capital, the chairman stated: “We believe that NagaWorld – the only integrated resort in Phnom Penh, will benefit from these tourist arrivals, with increasing footfall from customers seeking entertainment and luxurious lifestyle offerings at competitive pricing and value.”

Mr McNally’s comments were in NagaCorp’s interim report for the trading period to June 30, filed with the Hong Kong Stock Exchange on Thursday.

He said it had been estimated Cambodia would “attract up to 5 million international tourist arrivals in 2023 and 7 million international tourist arrivals by 2025, surpassing the pre-pandemic level [seen] in 2019.”

Mr McNally also observed in his remarks in the interim report: “The new Phnom Penh international airport will further promote tourism and national economic growth.”

The chairman added: “Approximately 50 percent of the construction work has been completed and the airport is expected to begin operation by early 2025 as Cambodia prepares for a return of tourism in increasingly large numbers.”

In mid-July, NagaCorp reported a net profit of US$83.0 million for the first half of 2023, up 57.4 percent from a year ago.

The chairman also gave some commentary on those results. He observed that a 39.9 percent increase year-on-year in “premium VIP” rolling chip volume was “primarily” due to “expatriates” present in Cambodia, and the “faster pace” of growth in business-related visits to the country by Chinese, “since China reopened earlier this year”. That was a reference to the lifting by Chinese authorities of Covid-19 travel restrictions.

“We will remain focused on these segments for growth and sustained recovery,” stated Mr McNally.

He said that also in the first half, “referral VIP” business volumes – understood to be a reference to junket-generated gambling business – saw a 75.9 percent year-on-year increase in rolling volume, “translating into a 53.5 percent year-on-year increase” in revenue in that segment, amid “increasing headcount from neighbouring Southeast Asia countries”.

The NagaCorp chairman noted that in the six months to June 30, the group’s non-gaming revenue increased 90.3 percent year-on-year, “primarily due to travellers from the region and China, which led to higher hotel occupancy rates and footfall to the property”.

Last month, Mr McNally had told GGRAsia that NagaCorp was “fully confident” about the “future leadership and political stability” of Cambodia, amid a transition of power that has seen HE, the country’s leader for nearly 40 years, choose to step down as prime minister, in favour of his son HM.

The same month, the firm said at a press conference in Hong Kong, that it still plans to move ahead with construction of Naga 3, an addition to the NagaWorld gaming complex. That is despite the project having been pushed back by four years.

According to management, Naga 3 is likely to be opened in phases, with the podium likely to be the first part to come into use.
https://www.ggrasia.com/nagaworld-to-wi ... ack-chair/
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Re: Opinion on Nagacorp Investments

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NagaCorp confident of meeting financial obligations as Cambodian IR NagaWorld shows improvement in VIP gaming segments
Ben Blaschke by Ben Blaschke
Wed 4 Oct 2023 at 04:58
Hong Kong-listed NagaCorp says it remains confident of discharging all financial obligations when its outstanding senior notes mature in July 2024, citing improved cash resources on the back of better operating conditions at its Cambodian integrated resort NagaWorld.

Releasing its financial results for the nine months to 30 September 2023 overnight, NagaCorp said it has increased the group’s cash and cash equivalents from US$156 million at 31 December 2022 to US$297.6 million as of 30 September.

“This increase was mainly attributed to the continued recovery of business volumes and prudent cash spending strategy from the company’s management,” it explained.

“The net debt of the company, calculated as total debts less cash and bank balances, was approximately US$174.6 million as of the period end.”

Moody’s Investors Service warned last year that NagaCorp faces significant refinancing risks in the coming years, with the US$545 million bond maturity in mid-2024 being of significant concern due to “limited sources of liquidity given its lack of bank facilities and divestible non-core assets.”

NagaCorp later repurchased US$69.5 million of its notes, leaving around US$472 million outstanding.

However, NagaCorp said overnight it is “confident that it can discharge all of its financial obligations when the outstanding senior notes mature in July 2024.”
https://www.asgam.com/index.php/2023/10 ... -segments/
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