NagaCorp's 2025 profits double as gaming revenue soars in Cambodia
NagaCorp Ltd has reported a strong financial year for 2025, with net profits doubling to US$309.9 million. The company's gross revenue also climbed by 27.4%, reaching US$691.6 million at its flagship NagaWorld resort in Phnom Penh, Cambodia. Shareholders will receive an interim dividend as part of the positive results. The company's overall group revenue rose by 26.2% to US$709.7 million. A major driver was the mass-market gaming sector, where table game revenues jumped 27.2% to US$342.4 million. VIP operations also performed well, with house-managed revenues up 32.1% to US$136.2 million and referral VIP revenues surging 57.2% to US$70.4 million.
EBITDA saw a significant increase, rising to US$404.4 million with margins at 57.0%. Net profit margins also improved, hitting 43.7%. The absence of an US$89.1 million non-cash impairment—linked to the stalled Vladivostok project in Russia—helped boost profitability. Despite the strong results, NagaCorp has no immediate plans for new growth projects beyond its ongoing Naga 3 development. The company's focus remains on its existing operations in Cambodia, with no expansion into other regions currently announced. Shareholders will benefit from an interim dividend of US$0.0109 per share, totalling US$48.3 million.
NagaCorp's financial performance for 2025 reflects strong growth across both mass-market and VIP gaming segments. The removal of past impairment costs and higher revenue streams contributed to the company's improved profitability. The interim dividend payment further highlights the positive year for investors.
