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Really? You want to start flying VIP players from Macao to Phnom Penh? Are you crazy? Are THEY crazy? It better be one hell of a fun VIP flight or something.









The price of shares in Cambodia’s largest casino operator, NagaCorp Ltd, have fallen sharply over the past six months due to waning investor confidence in gaming stocks and plummeting casino revenues in Macao, a gaming analyst said Tuesday.

Shares in the operator of Phnom Penh’s NagaWorld casino were trading at 5.87 Hong Kong dollars, or about $0.76, Tuesday after falling from 8.58 Hong Kong dollars, or about $1.11, in March.

The drop comes amid campaigns in mainland China to curb excessive spending by the country’s elite, leading to less traffic and lower earnings at Macao’s casinos.

Casino revenues in the Asian gaming hub fell for the third consecutive month in August—the most severe drop in five years, according to the Las Vegas Review Journal, an industry publication.

Grant Govertson, a principal analyst at Union Gaming Research Macau, said by email Tuesday that the situation in Macao has “resulted in negative sentiment for the entire gaming sector.”

The decline in NagaCorp’s share price, Mr. Govertson said, “has very little to do with the company’s operations and its outlook. Rather, the entire gaming sector has fallen out of favor with investors.

“If you look at the shares of Hong Kong listed companies that operate in Macau, most are down 40 percent this year. Simply put, gaming stocks have temporarily fallen out of favor with the investment community,” he said.

But despite NagaCorp’s falling share price, the company has bucked the trend in Macao, with profits rising and expansions underway.

During the first six months of 2014, the company’s net profit reached $67.6 million, 8 percent higher than during the same period last year.

“We achieved these results despite the negative news and slowdown of GGR [Gross Gaming Revenue] growth in Macao,” NagaCorp said in its 2014 interim report released earlier this month.

“The company’s positive results were attributed to higher business volume from the Public Floor Tables and the successful ramp-up of VIP Gaming generated through the junket incentive program.”

NagaCorp is currently constructing Naga2, a $369-million complex in Phnom Penh, and finalizing plans to fly in VIP players from Macao and China on charter flights using Airbus A320 jets.

And, Mr. Govertson said, the company can expect further growth.

“Naga…is still experiencing.....

http://www.cambodiadaily.com/news/nagas ... hes-68344/

Does this mean Nagaworld is going to cancel its order for two Airbus jets? In my opinion, Phnom Penh/Nagaworld is a tourist dead-end/one note song. If the Interstate Hotels & Resorts one billion dollar projects comes to pass in Snooky, it and its upmarket hotels/casino/beach's would be much more attractive to gamblers/tourists from China as Macao has no beachs like Ko Pous Island. BTW/ Interstate Hotels & Resorts, an American company is owned (through two other companies) by the Government of China.

today's Naga quote is 6.33 HKD.
Five years ago, it was below 1 HKD.
http://www.bloomberg.com/quote/3918:HK/chart

Does Florida know about this?

It looks like a buy opportunity now.

Heartbreaking news.

I think that I read that Florida gave the sell signal
on that Naga thread. It was a year or two ago, I recall.

^^ Hey, nice to hear from you Dara. Yes, I believe you are right.

How times change...

NagaWorld reports $1.29B in Q3 gross gaming revenue
09 October 2019 | 22:51 ICT
Nagaworld, which holds an exclusive licence to operate in Phnom Penh, reported a 20 per cent year-on-year gain in gross gaming revenue (GGR) of nearly $1.29 billion in the first nine months of this year, according to GGRAsia. 

GGRAsia, which is an online newsletter that covers the Asian sector of the casino industry, cites a report filed by the company to the Hong Kong Stock Exchange last week.

The report shows that NagaCorp recorded net gaming revenue of $616.3 million for the nine months ended on September 30, up 28.5 per cent year-on-year.

“The financial results for the nine months ended September 30, 2019, show that the group continues its journey of growth,” the report said.

The company said its mass-market table buy-ins climbed 37.9 per cent to $1.22 billion during the period, while the bills-in tally for its electronic gaming machines gained 27.9 per cent to $2.05 billion.

In the VIP table games segment, its rolling chip turnover was up by 35.3 per cent to almost $33.87 billion.

“The increase in VIP business volume was driven by the continued influx of business visitation, tourists and increased footfall to NagaWorld Complex, in particular, Naga 2 where there has been customer demand for higher table limits,” the company said.
https://www.phnompenhpost.com/business/ ... ng-revenue

F@ck me, and I thought the new building sounded expensive at $400 Million.