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Reports CAMBODIA MARKET


When NagaWorld closed due to the pandemic, around 200 employees submitted a petition to the Ministry of Labour requesting their $40 payment per month allotted to workers in sectors hit hard by the lock down. Around 90 per cent of NagaWorld’s 9,000 staff had to take out loans to cope during the closure. Te employees demonstrated outside the Ministry building to protest a decision by NagaCorp to halt the partial salary payment it began to make from April.


On April 1, NagaWorld closed its doors temporarily due to the pandemic. Naga1 Hotel operated with reduced occupancy rates and limited food and beverage facilities, whilst Naga2 was closed.


Previously, average monthly expenditures based on the first quarter of 2020 were around $18.4m with run-rate operating costs of $13.9m.


P98 NEWSWIRE / INTERACTIVE / MARKET DATA


A company announcement on June 22 by Lam Yi Lin, Company Secretary said: “We have undertaken and expect to continue undertaking a series of actions to minimise our cash expenditures, including scaling back of hotel and food beverages operations, reducing payroll expenses by limiting staff on site and reducing employee pay since April 2020 and the closure of facilities to reduce utilities expenditure.


“After giving effect to these initiatives we expect that our monthly run-rate operating costs will be $3.9m. As of March 31 2020 and May 31 2020 we had cash and deposits of $464.9m and $527.1m respectively. Although we have no other existing facilities to provide further liquidity we believe that after giving effect to the application of proceeds of the Proposed Notes Issue, our liquidity could support approximately 18 months of operating expenditure and interest expenses, with minimal revenue. Our actual level of cash operating expenses in coming periods could be impacted by unanticipated developments of events beyond our control.”


During the first quarter of 2020 NagaWorld’s GGR had risen by 15 per cent year on year to $368.9m with a 25 per cent growth in the VIP GGR ($270.2m) on a turnover of $9.69bn.


On July 18 NagaCorp was granted permission by the Ministry of Health to re-open all casino


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