Tim McNally, president of Naga Corp Ltd, the operator of Cambodian casino resorts, said the number of visitors to Cambodia is expected to rise again in 2025, “which could benefit.”
Referring to the group’s monopoly on casino resorts in the Cambodian capital, the chairman said, “We believe that Nagaworld, Phnom Penh’s only integrated resort, will benefit from these tourist arrivals. We will increasingly benefit from customers seeking entertainment and luxury lifestyle offerings with competitive prices and values.”
Mr McNally’s comments are in Nagakov’s interim report for the trading period to June 30, which was filed with the Hong Kong Stock Exchange on Thursday.
Cambodia is estimated to “beyond pre-pandemic levels in 2019 and attract up to 5 million international tourists in 2023 and 7 million in 2025,” he said
Mr McNally also noted in an interim report that “the new Phnom Penh International Airport will further boost tourism and national economic growth.”
The chairman added: “As Cambodia prepares for the return of more and more tourists, about 50% of the construction work is completed and the airport is expected to begin operating in early 2025.”
In mid-July, Nagakov reported net income of $83 million in the first half of 2023, up 57.4% from a year ago.
The chairman also made some commentary on these results. He observed that the 39.9% year-over-year increase in “premium VIP” rolling chip volumes was due to “foreigners” present in Cambodia, and that business-related visits by Chinese to China “have shown a faster pace” “since China reopened earlier this year,” a reference to the lifting of COVID-19 travel restrictions by Chinese authorities.
“We will continue to focus on these sectors for growth and continued recovery,” Mr McNally said.
He also said the “reference VIP” business, which is understood to refer to gambling businesses arising from junkets, rose 75.9% year-over-year in the first half, which translates to a “53.5% year-over-year increase in sales in the sector” amid “increased headcount in neighboring Southeast Asian countries.”
Nagakov said the group’s non-game revenue rose 90.3% in the six months to June 30 compared with the same period last year, “mainly due to increased hotel occupancy and reduced accommodation due to travelers from the region and China.”
Last month, McNally told GGRAsia that Nagakov was “totally confident” of Cambodia’s “future leadership and political stability” amid a shift in power that saw Hun Sen, Cambodia’s leader for nearly 40 years, step down as prime minister in support of his son, Hun Mane.
BY: 안전 슬롯사이트