Nagakov, operator of Naga World Casino Resort in Cambodia, confirmed to GGRA that it plans to launch a 20-table game zone aimed at “premium players for the public market” at the end of the third quarter or the beginning of the fourth quarter.
“The new area will focus on premium players for popular markets, not junkets,” said management at the Hong Kong-listed company in response to GGRAsia’s inquiry.
“We expect the premium mass gaming zone to operate at the end of the third quarter or early in the fourth quarter,” the spokesperson added.
Morgan Stanley Asia Inc’s latest note, containing information from the latest Morgan Stanley 2022 Virtual China Summit, cited comments from Nagakov’s management that “Naga 1’s restricted zones will be launched in the second half of 2022” which will help the gaming business recover in bulk.
Regarding the casino resort complex located in Phnom Penh, Cambodia’s capital, the term “Naga 1” is about the original building (pictured, left) supplemented by further development nearby.
The resort’s promoter said the new premium gaming facilities include “relocation of large market gaming spaces” and “converting some food and beverage spaces into gaming spaces.”
“Table lows start at US$200 and can reach up to US$35,000,” Nagakov said. “The new region will provide opportunities to segment Nagakov’s players and better customer interaction with its service and host staff.”
Morgan Stanley said in a note that Nagakov expects sales of bulk table games and slots to grow sequentially in the second quarter after first-quarter sales reached 74% of the same period in 2019, or 74% of pre-pandemic deals.
However, the agency added that Morgan Stanley’s “reference VIP,” which it said accounted for 36% of Nagakov’s gross profit in 2019, was “still not recovered.”
Analysts Gareth Leung and Praveen Choudhary wrote, “This is because Singapore/Malaysia” visitor numbers “reached 12%/8% of 2019 levels in the first quarter of 2022 respectively.”
Analysts also said in March that the number of visitors from the sites was “15 per cent/9 per cent” over the same period in 2019.
“We note that the number of scheduled international flights to Phnom Penh has recovered from 9% at the end of January 2022 to 25% of pre-COVID levels from May 19 to 25.”
Nagakov posted earnings before interest, taxation, depreciation and amortisation (EBITDA) of $60.5 million in the first three months of 2022. The figure was up 83.3% sequentially.
BY: 릴게임사이트