For Immediate Release
Hong Kong, 23 March 2026 - NagaCorp Ltd. ("NagaCorp" or the "Company", SEHK stock code: 3918), together with its subsidiaries (collectively referred to as the "Group") which owns, manages and operates NagaWorld, the entertainment centre of the Mekong Region, today announced financial and operating results for the financial year ended 31 December 2025 (the "Year").
1) Gross Gaming Revenue ("GGR") increased by 27.4% to US$691.6 million
2) Mass Market GGR increased by 22.8% to US$485.0 million
3) VIP Market GGR grew by 39.7% to US$206.6 million, contributed by a 39.4% increase in business volumes
4) Net Profit increased by 56.0% to US$309.9 million
5) Basic earnings per share of US cents 7.01
6) Earnings Before Interest, Tax, Depreciation and Amortization ("EBITDA") increased by 38.5% to US$404.4 million
7) A final dividend of US cents 1.09 per share (or equivalent to HK cents 8.45) for the year has been proposed
BUSINESS REVIEW
The overall financial results and performance of the Group were attributed to the following:
1. Sustained Business Growth Momentum: The Group achieved steady growth in business volumes during FY2025, driven by a healthy volume of patrons seeking tourism, leisure and entertainment products and services at NagaWorld. This momentum was driven by the sustained recovery of Cambodia's tourism sector in leisure and business arrivals, strong inflows of foreign direct investment ("FDI") and the robustness of the growing Greater City communities/ population, comprising of transient, long-term and permanent groups.
In FY2025, the Mass Market demonstrated solid growth, with average daily business volumes increasing 12.8% year-on-year ("YoY"), from US$10.7 million to US$12.1 million, reaching 100.5% of 2019 pre-pandemic level. This growth translated into a 23.1% YoY increase in average daily GGR, underpinned by the respective growth of 27.5% and 13.8% YoY in average daily GGR from Mass Market Tables and Electronic Gaming Machines ("EGM"). The performance benefited from a stable headcount at NagaWorld and the resilience of the Greater City communities. The introduction of additional table side bets and new gaming products further enhanced player experiences, engagement and spending. A continued recovery of international arrivals through the Techo International Airport (reaching 102.0% of 2019 pre-pandemic level) also supported this upward trend.
The Premium VIP Market similarly exhibited strong growth, with average daily rollings increasing 52.0% YoY to US$15.1 million, representing 125.4% of 2019 pre-pandemic level. This rebound was driven by the return of business travelers and higher gaming spend among select groups of returning Premium VIP customers. These customers typically demonstrate higher spending power, longer stays and frequent repeat visits.
Together, the Mass Market and Premium VIP Market accounted for approximately 89.8% of the Group's GGR.
The Referral VIP Market also showed positive momentum, with average daily rollings increasing 17.5% YoY in FY2025, benefiting from the progressive recovery of regional travel activity. The Group continues to strengthen partnerships with reputable Referral VIP agents to further expand this segment and drive long-term growth.
2. Strategic Tourism Initiatives Bolster Economic Growth and Strengthen Cambodia's International Standing: The continued recovery of Cambodia's tourism sector has been one of the key catalysts for economic growth with a sustained increase in international arrivals stimulating economic activity and elevating Cambodia's global presence. To support the recovery of tourism, the Royal Government of Cambodia (the "RGC") has actively rolled out a number of strategic initiatives focused on bolstering the tourism sector, accelerating the recovery of flight capacity and promoting Cambodia as a leading global tourism destination.
Since the establishment of the Cambodia Tourism Marketing and Promotion Board ("CTB") in July 2024, a series of strategic initiatives have been introduced to enhance Cambodia's tourism offerings and reinforce its position as a leading destination within Association of Southeast Asian Nations ("ASEAN"). These include a collaboration with Visa Worldwide to advance digital transformation and the introduction of reduced e-visa fees for both business and leisure travelers. In January 2025, the Cambodia's Ministry of Tourism (the "MOT") participated in the ASEAN Tourism Forum held in Malaysia, where it reiterated its focus on expanding market reach and supporting Cambodia's ambition to become a premier tourism hub in the region. Subsequently, the MOT entered into a partnership with TripAdvisor in April 2025, to promote eco-tourism through collaboration with tour operators and local communities, while building capacity to deliver high-quality tourism services (Source: Khmer Times, 23 April 2025). Collectively, these initiatives have started to yield positive outcomes, as reflected in the steady growth of inbound tourism and increased interest in Cambodia as an attractive travel destination. In 2025, Cambodia welcomed 5.6 million international visitors, with ASEAN arrivals accounting for 49.8% of total international arrivals, marking a 84.3% recovery rate compared to 2019 pre-pandemic level, underscoring the resilience of regional demand and the effectiveness of Cambodia's targeted tourism development strategies (Source: MOT).
In May 2025, Cambodia officially launched 2025 as the "Cambodia-China Tourism Year", a major initiative aimed at strengthening bilateral tourism cooperation and increasing Chinese tourist arrivals, following the success of the "Year of People-to-People Exchanges" in 2024 (Source: Khmer Times, 26 May 2025). The campaign features a series of joint activities, including cultural and music performances, martial arts festivals, food diplomacy promotions and business forums, designed to deepen mutual understanding and enhance people-to-people exchanges, further positioning Cambodia as a preferred destination for both Chinese tourists and investors (Source: Phnom Penh Post, 10 June 2025). As part of the broader implementation under the framework of the "Cambodia China Tourism Year", which will continue into 2026, Cambodia and China have continued to explore joint tourism cooperation initiatives. These include cultural and promotional activities aimed at encouraging mutual visits, strengthening connectivity and deepening people-to-people ties, serving as a key catalyst for closer bilateral tourism collaboration (Source: Khmer Times, 2 & 28 November 2025). In September 2025, the CTB signed a strategic partnership agreement with Nanjing Tuniu International Travel Service, one of China's leading online leisure travel companies offering a wide range of integrated travel packages. This collaboration aims to promote Cambodia's rich cultural and natural attractions to both Chinese and international tourists (Source: Khmer Times, 15 September 2025). Additionally, the MOT in partnership with Chinese travel companies hosted the "Cambodia China Tourism Business Matching" in December 2025 as part of ongoing efforts to boost visitor flows and enhance Cambodia's visibility across Chinese and international travel markets (Source: Khmer Times, 22 December 2025). These initiatives reflect the deepening relationship between Cambodia and China, particularly in the areas of culture, tourism and economic cooperation. They are expected to play a key role in increasing the number of Chinese visitors to Cambodia, stimulating tourism-related investment and enhancing cultural exchange between the two nations. These efforts have already shown tangible results, with Chinese arrivals continuing an upward trajectory in 2025, recording a notable YoY increase of 41.5%.
A key milestone in Cambodia's aviation and tourism development was the opening of the new Techo International Airport, located approximately 30 km south of Phnom Penh, which commenced operations on 9 September 2025. The new airport is enhancing Cambodia's air connectivity and tourism capacity, with its first phase designed to accommodate up to 15 million passengers annually. As air travel demand continues to strengthen across the region, airlines are actively expanding capacity through increased flight frequencies and the introduction of new direct routes to Cambodia. As of 16 March 2026, weekly international direct flights reached 618 flights, marking a recovery rate of 69% of 2019 pre-pandemic level. Over the past year, airlines from the United Arab Emirates (Abu Dhabi and Dubai), Qatar, Turkey, Japan, Malaysia, South Korea and India have also expanded their services to Cambodia, with additional routes planned to further strengthen the country's connectivity to the global market (Source: Phnom Penh Post, 15 September 2025; Khmer Times, 27 October 2025, 13, 17 & 24 November 2025). In collaboration with the MOT, these airlines are co-developing promotional content to showcase Cambodia's rich tourism offerings across multiple media platforms (Source: The Cambodia China Times, 20 May 2025). With continued improvements in air connectivity, direct flights from Southeast Asia, South Korea, Greater China and Japan as of 16 March 2026 have recovered to approximately 82%, 63%, 49% and 43% of 2019 pre-pandemic level, respectively (Source: Cambodia Airports, airline websites and Company internal data).
As the only Integrated Resort in Phnom Penh, NagaWorld continues to benefit from this sustained tourism growth and is well-positioned to benefit from the growing number of both leisure and business travelers.
For more information, please visit https://doc.irasia.com/listco/hk/nagacorp/annual/2025/respress.pdf.
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