NagaCorp Reports Strong VIP & Mass Market Growth 2025
Phnom Penh-based NagaCorp Ltd. has reported robust performance in the first nine months of 2025, with growth largely driven by its high-stakes VIP segment at the flagship NagaWorld integrated resort. The results highlight the company’s sustained appeal among premium players and its continued resilience in Cambodia’s gaming market.
Premium VIP Business Drives Revenue
An announcement filed on the Hong Kong Stock Exchange on October 1 showed that the premium VIP segment achieved rolling volumes of $4.69 billion, marking a 77.7% increase compared with $2.64 billion in the same period last year. Gross gaming revenue (GGR) from this category also rose 35.8% year-on-year, reaching $109.8 million. This performance underscores the importance of high-roller players to NagaCorp’s ongoing commercial success.
Overall Revenue Growth
For the nine months ending September 30, total GGR at NagaCorp reached $532.2 million, up 29.6% from $410.8 million in 2024. Net Gaming Revenue grew 30% to $466.5 million, reflecting consistent gains across multiple business units and the strength of the operator’s diversified gaming offerings.
Referral VIP and Mass Market Segments Expand
Beyond premium VIPs, the referral VIP segment also performed strongly. Rolling volumes rose 46.5% to $2.05 billion, while corresponding GGR increased 45.3% to $57.9 million. This demonstrates the ongoing effectiveness of NagaCorp’s network of referral VIP agents in attracting high-value clientele.
The mass market segment continued steady expansion. Public floor tables reported buy-ins of $1.13 billion, up 14.1% year-on-year, generating $258.4 million in GGR (a 29.9% increase). Meanwhile, electronic gaming machines contributed $106.1 million in GGR, a 16.4% rise, on $2.16 billion in bets, up 13.5%. This mass market growth complements the strong performance seen in high-stakes play.
Factors Supporting Growth
These results follow the momentum reported in NagaCorp’s mid-year interim report. Chairman Philip Lee Wai Tuck attributed performance gains to stronger mass market gaming, an uptick in premium table activity, and a recovery in Cambodia’s tourism. During the first half of 2025, NagaCorp achieved net profit of $148.8 million and EBITDA of $200.3 million.
Lee highlighted the return of leisure and business visitors to NagaWorld, with domestic demand supported by a substantial expatriate community. A focus on diversified gaming options and maintaining stable operations also contributed to growth. Mass market tables, in particular, saw 24% growth in H1 2025, fueled by increased activity from expats, ASEAN tourists, and returning Chinese visitors, reaching nearly 97% of pre-pandemic levels.
NagaWorld’s Outlook and Position in the Market
The nine-month results confirm NagaCorp’s continued post-pandemic recovery and expansion. The premium VIP segment remains a key driver of revenue, while the mass market and referral VIP channels strengthen overall income streams.
With tourism rebounding and business travel resuming, NagaWorld is well-positioned for continued growth. The combination of diversified offerings, focused customer engagement and rising international visitation consolidates NagaWorld’s status as a leading gaming destination in Southeast Asia.
