NagaCorp Reports 21.5% GGR Decline Through September 2026
Cambodia.- 6 October 2026 | www.zonadeazar.com NagaCorp reported a sharp decline in gaming revenue during the first nine months of 2026, driven mainly by weakness across its VIP segments.
Gross gaming revenue at NagaWorld, its integrated resort in Phnom Penh, reached US$417.9 million, down 21.5% year-on-year.
Net Gaming Revenue Also Falls
Net gaming revenue stood at US$388.7 million for the nine months ended 30 September.
That represented a 16.7% decline compared with the same period in 2025.
Mass-Market Table Games
Mass-market table games generated US$232.7 million in GGR.
The figure was 10% lower year-on-year.
Buy-ins fell 12.9% to US$981.7 million.
Electronic Gaming Machines
Electronic gaming machines proved more resilient.
GGR reached US$103.4 million, down only 2.5%.
However, total stakes increased 9.7% to approximately US$2.37 billion.
Premium VIP Weakness
Premium VIP was one of the most heavily affected segments.
GGR fell 40.1% to US$65.8 million.
Rolling volume declined 55.4% to approximately US$2.09 billion.
Referral VIP Falls More Than 70%
Referral VIP recorded the steepest decline.
Segment GGR fell 72.5% to just US$15.9 million.
Rolling volume dropped 75.6% to US$500.3 million.
Third-Quarter Deterioration
The decline accelerated during the third quarter.
NagaCorp had reported an 8.6% decline in overall GGR for the first half of 2026, compared with the 21.5% fall recorded for the first nine months.
This points to a significant weakening in trading during July, August and September.
Lower International Tourism
NagaCorp had previously said weaker international visitor arrivals were particularly affecting its VIP customer base.
Cambodian tourism data shows declines from several important source markets during 2026.
Flights and Travel Costs
The company has also cited fewer direct international flights and higher travel costs as factors affecting higher-value visitors.
VIP customers are generally more sensitive to air connectivity and travel costs.
Destination Perception
NagaCorp previously said Cambodia’s international association with online scam activity had created negative perceptions of the destination.
The company believes this has particularly affected international and premium visitors.
NagaWorld Position
NagaWorld remains Phnom Penh’s leading integrated resort.
NagaCorp holds a long-term casino licence and exclusive casino rights within a 200-kilometre radius of the Cambodian capital until 2045.
Market Reaction
NagaCorp shares fell sharply in Hong Kong following publication of the update.
The stock closed almost 14% lower at HK$2.66.
Next Steps or Impact
Fourth-quarter performance will be important in determining whether NagaCorp can stabilise its VIP segments and reverse the deterioration seen during the third quarter.
Mass-market gaming and electronic machines showed greater resilience, but the sharp contraction in premium gaming remains the central challenge for NagaWorld heading into the end of 2026.
Editó: @fonta
