Cambodia's NagaCorp (NagaCorp) released its financial report for the first half of 2025, showing that the company's net profit reached $148.8 million, with earnings before interest, taxes, depreciation, and amortization (EBITDA) exceeding $200 million. The company stated that the performance growth was due to the recovery of various businesses and the overall rebound of the Cambodian tourism market.
Overall Financial Performance
In the first half of 2025, NagaCorp achieved a net profit of $148.8 million and EBITDA over $200 million, returning to a growth trajectory. Lee Weide, the company's chairman and executive director, stated that this warming trend benefited from the active performance of high-end table games and the strong recovery of the Cambodian tourism industry.
The report shows that all major business indicators have shown positive growth, and the overall revenue structure remains stable. Mass gaming and VIP markets together contributed more than 90% of the group's gaming revenue.
Performance Analysis of Various Business Segments
The mass gaming business became the largest growth driver, with revenue increasing by 24% year-on-year, recovering to 97% of the pre-pandemic level. This sector's growth was mainly due to the return of the foreign community in Cambodia, ASEAN tourists, and Chinese travelers.
The performance of high-end mass table games was also impressive, accounting for 37.4% of mass gaming revenue, up from 33.9% last year. This growth mainly stemmed from the introduction of high-limit products and improved market acceptance.
The VIP market achieved significant growth, with turnover increasing by 87.9% year-on-year. The performance of electronic gaming machines even surpassed pre-pandemic peak levels, indicating a strong recovery momentum in this sector.
Non-Gaming Business and Overall Operations
Non-gaming business revenue grew by 2.1% year-on-year, mainly benefiting from the hosting of international events and increased occupancy rates at the Phnom Penh resort hotel. Although this part of the business has a smaller share, it maintained a stable growth trend.
The company stated that NagaWorld, with its stable local market and expanding foreign population, maintained its unique competitive edge in the Cambodian market. As the only operator of an integrated resort in Phnom Penh, the company directly benefited from the increase in tourist flow.
Recovery of the Tourism Industry and Market Environment
The full recovery of Cambodia's tourism industry provided significant support for NagaCorp's performance growth. Official data showed that the number of international travelers reached 3.4 million in the first half of 2025, a 6% increase year-on-year.
By mid-August, the number of weekly international flights had increased to 539, an 11% increase from last year. The total number of international visitors for the year is expected to exceed 7.5 million. The newly operational Phnom Penh Techo International Airport is expected to have an initial annual passenger throughput of 15 million, providing infrastructure support for future tourism development.
Future Outlook and Development Expectations
The company's management remains optimistic about future development. Lee Weide stated that with Cambodia's steady economic growth and the continuous return of international travelers, the company is expected to maintain its market-leading advantage and welcome even stronger development momentum.
NagaCorp will continue to leverage its unique market position and continuously improved facilities and services to seize opportunities brought by the recovery of the tourism industry. The company expects to continue its growth trend in the coming quarters, with further improvements anticipated in all business indicators.
