ナガコープ（NagaCorp）、2026年第1四半期の収益は1億7,400万ドルに達するも、VIPの減少が続く
NagaCorp, the Hong Kong-listed casino operator, has reported a solid start to 2026, though the story behind the numbers reveals a company in the middle of a quiet but significant transformation. Gross Gaming Revenue (GGR) hit $174.7 million in the first three months of the year, up 2.1 percent on the same period in 2025.
The figures, released by the company as unaudited and drawn from internal assessments, were issued voluntarily to give shareholders and potential investors a timely look at how the business is faring.
The VIP squeeze
The modest headline growth, however, masks a striking shift in the source of that money. Revenue from mass-market gaming tables surged by 23.9 percent to $91.3 million, driven in large part by a 15.7 percent jump in player buy-ins. Electronic gaming machines also performed well, recording an 8.4 percent rise in revenue as total bills fed into the machines climbed by more than a fifth.
What continues to weigh on the business, though, is the persistent retreat of its wealthiest customers. Premium VIP rolling volumes, the total amount wagered by high-stakes players, fell by 42.2 percent year-on-year, dragging VIP segment revenue down by 16.2 percent. In the referral VIP category, where agents bring in wealthy gamblers, both volumes and revenue dropped by more than half.
For many years, VIP players contributed as a vital segment for Asian casino operators. High rollers would wager substantial amounts in private rooms, yielding major profits for operators. But that reliance also came with risk when VIP activity dropped, and revenues took a hit. NagaCorp, like many others in the region, is now facing that slowdown.
Overall net gaming revenue, which the company keeps after paying out winnings and accounting for commissions, rose by 7.9 percent to around $160 million. That improvement reflects better margins, which in turn suggests that mass-market players tend to lose at a more predictable rate than VIP gamblers, making them a steadier, if less glamorous, source of income.
NagaCorp driving major revenue
NagaWorld, the centrepiece of NagaCorp’s operations and the only integrated casino resort permitted within a defined radius of central Phnom Penh, continues to benefit from that exclusive position. Its government-granted monopoly has long served as a buffer against competition, and it remains so today.
But Cambodia’s broader gambling sector is under growing pressure. Authorities have significantly stepped up efforts to root out cybercrime and illegal gambling networks, with several casino-linked operations coming under investigation or being suspended amid concerns about online scam compounds and human trafficking, a grim trade that has drawn international attention to the region.
NagaCorp has so far remained insulated from those specific concerns, and its full-year 2025 results underscored the business’s underlying strength: net profit reached $309.9 million, up 56 percent from the previous year. Gross gaming revenue for that period climbed by 27.4 percent to $691.6 million.
Looking ahead, the company’s finances depend on regional tourism and VIP demand, especially from Chinese and other high-net-worth visitors. Currently, it’s the smaller bets from everyday visitors at the casino’s mass-market tables and slots that keep revenue flowing.
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