Naga World is Phnom
Penh’s only integrated hotel and entertainment complex and operators Naga Corp
THE CASINO MARKET
Gambling was prohibited during the Khmer Rouge dictatorship during the 1970s, although it was legalised again in the 1990s when the first casino licence was granted to Naga World in 1994.
In 1996, the Law on Suppression of Gambling was introduced and several casinos in Phnom Penh, except for Naga World, were closed and it also prohibited almost all forms of gambling for Cambodian residents. Meanwhile, the government allowed the casinos to relocate out to border towns and along the coastal resorts.
At the end of 2019 there were around 133 casinos in operation in Cambodia and, with very little strategy to govern or regulate the gaming industry, the country became one of fastest growing gambling markets in the world.
Naga World is the most high-profile casino in Cambodia. Most other casinos border
P58 WIRE / PULSE / INSIGHT / REPORTS
Ltd have a 70-year casino licence which runs until 2065 and the exclusive right to operate a casino within a 200km radius of Phnom
Penh which expires in 2045. This doesn’t include the Cambodia-Vietnam border area, Bokor, Kirirom Mountains and Sihanoukville.
neighbouring countries appealing to players whose own countries maintain gambling bans. Tese casinos are located mostly in the border towns of Poipet (near Tailand) and Bavet (bordering Vietnam) and others in the coastal destinations in Koh Kong and Sihanoukville.
Naga World is Phnom Penh’s only integrated hotel and entertainment complex and operator, Naga Corp Ltd, has a 70-year casino licence
which runs until 2065 and the exclusive right to operate a casino within a 200km radius of Phnom Penh which expires in 2045. Tis doesn’t include the Cambodia-Vietnam border area, Bokor, Kirirom Mountains and Sihanoukville.
Naga Corp reported revenues of US$460.6m for the year 2022, double its $225.8m revenue in 2021, but a far cry from the $1.75bn revenue in 2019.
Total revenue from gaming tables last year was $321.5m whilst slots hit $124.3m. Hotel, food and beverage revenues reached $14.8m. Tis all brought the company a gross profit for the year of $375.9m (up 162 per cent on 2021) and net profit of $107.3m, reversing a loss of $47m in 2021.
Chairman Timothy McNally said in the company’s 2022 annual report: “During 2022 we continued to see a steady growth trend in the Mass Market business, attributable to the reasonably sized expatriate community and
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