NagaWorld casino earns $390mn in net income in 2018

NagaWorld casino earned $390.6mn in net income in 2018, a 53% increase YoY. Listed on the Hong Kong stock exchange, NagaCorp Ltd released its annual financial report for last year, showing a 55% increase in gross gaming revenue to $1.4bn. NagaCorpo reported paying $8.81mn in income tax last year. Mey Vann, director-general of the General Department of Financial Industry at the Ministry of Economy and Finance, said NagaWorld’s figures were unaudited, adding that the actual tax amount that the firm pays will be bigger than the amount released on the stock exchange in Hong Kong. According to NagaCorp’s report, the sharp increase in the VIP gamblers and Chinese tourists contributed to the massive increase in net profits last year. The increase in VIP business volume of the group last year was due to an increase of businesses at the combined NagaWorld complex, especially at Naga2. NagaCorp chairman Timothy Patrick McNally said in view of the success and fast ramp-up of Naga2 and frequent capacity constraints for both gaming and non-gaming areas, the group is in the advanced stages of planning for the development of Naga3. (Source: Phnom Penh Post)