NagaCorp Revenue Falls 8.4% in First Half of 2026
Cambodia.- 26 August 2026 | www.zonadeazar.com NagaCorp reported an 8.4% year-on-year decline in consolidated revenue during the first half of 2026, to USD313.2 million.
The operator of NagaWorld in Phnom Penh was primarily affected by weakness in its VIP business, while mass-market gaming continued to grow.
GGR Falls to USD303.7 Million
NagaCorp’s gross gaming revenue reached USD303.7 million for the six months to 30 June.
This represented an 8.6% year-on-year decline.
Net gaming revenue stood at approximately USD282.2 million, down 3.4% from the corresponding period.
Mass Market Continues to Grow
Mass-market gaming provided the main source of resilience during the period.
Segment GGR increased 2.7% to USD238.3 million.
This included:
- Approximately USD166.4 million from public-floor table gaming, up 2.8%.
- Around USD71.9 million from electronic gaming machines, up 2.6%.
Mass-market play accounted for approximately 78.5% of total group GGR.
Sharp VIP Decline
The most significant pressure came from VIP gaming.
Combined VIP GGR fell to approximately USD65.3 million, down 34.8% year-on-year.
Premium VIP GGR declined 21.4% to approximately USD53.9 million.
Referral VIP GGR dropped even more sharply, falling 63.9% to around USD11.5 million.
Lower VIP Gaming Volumes
Premium VIP rolling volume fell 50.2% to approximately USD1.69 billion.
Referral VIP rolling volume declined 67.6% to around USD361.6 million.
The reduction in premium VIP GGR was less severe than the decline in volume because of a higher win rate during the period.
International Tourism Weighs on Performance
NagaCorp linked the VIP weakness in part to a more difficult international tourism environment in Cambodia.
Factors cited by the company included:
- Reduced international air connectivity.
- Higher airfares.
- Rising aviation fuel prices.
- Lower international visitor arrivals.
- Negative international perceptions linked to online scam activity in Cambodia.
The operator said these conditions particularly affected international VIP visitation.
International Arrivals Decline
International arrivals through Cambodia’s main airport gateway fell approximately 28.9% year-on-year during the first half.
The reduction created a more challenging environment for attracting high-value international customers.
NagaWorld remains particularly exposed to regional tourism flows within its premium gaming segments.
EBITDA Down 2.4%
Group EBITDA reached USD195.4 million during the first six months of 2026.
This represented a 2.4% decline compared with the corresponding period last year.
The smaller fall in EBITDA compared with revenue highlights the role of mass-market growth in partially offsetting the VIP downturn.
Net Profit Reaches USD144 Million
Profit attributable to shareholders amounted to USD144 million.
This was 3.2% lower than the USD148.8 million reported in the first half of 2025.
Operating profit also declined from approximately USD154.9 million to USD144.7 million.
Strong Financial Position
At the end of June, NagaCorp held approximately USD416.3 million in cash.
The company also reported no outstanding borrowings.
This financial position provides additional flexibility as the operator manages the temporary weakness in its VIP business.
Industry Context
NagaWorld is one of Cambodia’s largest integrated gaming resorts and holds a leading position in the Phnom Penh market.
In recent years, NagaCorp has worked to increase the contribution from mass-market customers and reduce its reliance on high-volume VIP play.
The first-half results demonstrate the importance of that diversification, with mass-market growth helping offset a significant contraction in VIP gaming.
Next Steps or Impact
International tourism trends will remain a key factor during the second half of the year.
An improvement in direct air connectivity and international arrivals could support a recovery in VIP gaming.
In the meantime, NagaCorp is expected to continue relying on mass-market play as the principal source of operating stability and revenue generation at NagaWorld.
Editó: @fonta
