Reports CAMBODIA MARKET REPORT
Naga Corp continues to focus on the development of its Naga 3 project as Naga 1 and Naga 2 reach 80 per cent room occupancy (prior to Covid). Once completed this will mean the entire Naga World will have around 5,000 hotel rooms, 1,300 gaming tables and 4,500 slots. Non- gaming attractions at Naga 3 aim to bring in a more diversified audience.
over the next couple of years, but the mass market revenue will rise to 90 per cent to its 2019 levels and make a full recovery next year, whilst premium mass will hit 80 per cent this year with a full recovery next.
GGR for Q1 2023 amounted to $117m, a 6.8 per cent increase year on year. Te casino saw an increase in Chinese visitors after the Chinese government allowed tour groups to Cambodia from February this year. Te number of direct weekly flights from China to Cambodia increased from 35 at the beginning of the year to 114 by April. Total weekly flights from Asian countries to Phnom Penh have recovered to almost 69 per cent of pre-Covid levels.
Naga Corp continues to focus on the development of its Naga 3 project as Naga 1 and Naga 2 reach 80 per cent room occupancy (prior to Covid). Once completed this will mean the entire Naga World will have around 5,000 hotel rooms, 1,300 gaming tables and 4,500 slots. Non-gaming attractions at Naga 3 aim to bring in a more diversified audience.
Te $3.5bn project was due to be finished in 2025 and comprises of three towers, one 75 storeys high, and two 61 storeys high, which will be connected via an Upper Podium on the 13th floor. Work was impacted during Covid and it is now thought the project will be delayed by four years and won’t be completed until mid-2029.
Te company said recently: “Te board of directors of the company wishes to announce that in view of the external geopolitical macroeconomic environment and the stiff global inflationary pressures, the company is carefully and seriously considering options of developing Naga 3 matching revenue generation with capex expenditure and such options shall include the Project Resize. In addition, the board wishes to announce that despite the external factors, the company is confident that it can discharge all of its financial obligations because, up to date, the fundamentals and the directions of the company remain unchanged.”
Naga World (now called Naga 1) offers a total of 755 rooms and suites whilst Naga 2 complex, which opened in 2017, provides an additional 900 hotel rooms and suites plus gaming space for 300 tables and 2,500 gaming machines. Te development included the Naga City Walk, which became the first downtown duty free shopping mall to open in 2016.
P62 WIRE / PULSE / INSIGHT / REPORTS
Meanwhile, Donaco International’s Star Vegas Club and Casino in Poipet re-opened to full capacity in June last year after being repeatedly closed and reopened, and restricted, since April 2020 due to the pandemic.
Te property is located on the border between Cambodia and Tailand and is the closest legal gaming destination to Bangkok area. Te resort was opened in 1999 and acquired by Donaco in 2015. It has 100 gaming tables, 800 slots and 385 hotel rooms.
Te casino was closed from April to September 2020 and again from April 2021. Limited casino operations led to a 91 per cent decline in gaming revenues at the casino between FY2021 and FY2022.
Revenue from Star Vegas operations amounted to A$946,416 in FY2022 of which A$781,629 was gaming revenue. In 2021 revenues amounted to A$9m of which A$8.7m was from gaming.
Half year revenues (until end December 2022) were A$9.27m from Star Vegas. Te same period in 2021 saw revenues of A$73,341.
And this year revenues are returning with the Q1 2023 seeing Star Vegas net revenues of A$6.29m. Tis is compared to same quarter 2022 with A$0.01m and Q4 2022 with A$5.12m
“Donaco anticipates the performance of DNA Star Vegas to continue stabilising, resulting in increased visitor numbers. Moreover the resumption of international travel from China since January 2023 presents a significant opportunity for the Aristo business. With a focus on scaling up while maintaining strict cost control, Aristo aims to resume full scale operations in the coming months” said the company’s annual report.
GAMBLING BILL
At the end of 2020 Cambodia passed its Law on the Management of Integrated Resorts and Commercial Gambling (LMCG) with the aim of promoting tourism and fostering economic growth including employment opportunities for Cambodians.
Te law contains 12 Chapters and 97 Articles and is Cambodia’s first and most comprehensive legislation to date on the gambling industry and
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