Cambodia’s leading casino operator, NagaCorp (operator of Phnom Penh’s NagaWorld resort), recorded a remarkable performance in the first half of 2025. Net profit soared 68.9% year-on-year to US $148.8 million, while EBITDA (earnings before interest, tax, depreciation, and amortisation) climbed 38.5% to US $200.3 million. This growth reflects a strong rebound across its operations, showcasing NagaCorp's strategic positioning during Cambodia’s tourism recovery.

Mass-Market Gaming Drives Revenue Growth

Much of the revenue uplift came from the mass-market segment. NagaCorp’s gross gaming revenue (GGR) rose 17.2% to US $332.3 million. Mass-market gaming, which now represents nearly 70% of total GGR, surged 20.9% to US $232.1 million, while VIP revenue increased a more modest 9.6% to US $100.2 million. This indicates a meaningful shift in growth dynamics, with casual gamblers and local visitors playing an increasingly vital role.

Tourism Recovery and Improved Connectivity Fueling Momentum

Driving this resurgence is Cambodia’s revitalizing tourism sector. International arrivals rose 6% in H1 2025, reaching 3.4 million visitors, and air travel infrastructure has nearly returned to pre-pandemic levels. Indeed, Phnom Penh International Airport’s throughput now stands at about 98% of 2019 figures, bolstered by new direct flight routes from China, Southeast Asia, and the Middle East. Average daily business volumes in the mass-market segment grew 11.6% year-on-year and are nearing historical highs, while premium VIP rolling volume jumped by 89%.

Confidence Returns: Dividend Declared Amid Strategic Outlook

In a notable signal of financial health, NagaCorp declared its first cash dividend since 2021—US $0.0101 (1.01 US cents) per share. The resumption of payouts underscores management’s confidence in sustained cash flow and a robust financial position. Looking ahead, the company’s long-term outlook remains anchored by Cambodia’s economic expansion, rising foreign investment, and governmental efforts to establish the country as a regional tourism hub. Contributing further to future potential is a new international airport outside Phnom Penh, slated to open in September, with the capacity to handle up to 15 million passengers annually.