NagaWorld’s Profits Increase by 20% in 2015

NagaCorp, which owns Naga­World casino in Phnom Penh, saw a 20 percent jump in profits last year, it said in a statement on Mon­day.

The Hong Kong-listed company’s annual financial statement showed an increase of around $55 million in gross profits to $327.8 million and a 26 percent increase in gross gaming revenue to $480.6 million.

Net profit—after tax and other expense deductions—rose by 27 percent to $172.6 million, driven by a growth in international tourist arrivals to Cambo­dia, the statement said.

The company also reported payments of $16.4 million in taxes to the Ministry of Finance last year.

Last month, the Finance Ministry reported a 33 percent increase in tax revenue collection from the casino industry to $34.7 million in 2015, which it at­tributed to  en­hanced enforcement efforts, in­cluding the collection of largely untapped non-gambling tax revenues from restaurants, nightclubs and hotels.

Naga­Corp also saw a significant jump in profits last year, thanks to its strategy to attract more VIP customers, particularly from China, the company said in its previous annual statement.

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