COVID-19 has affected and caused a significant slowdown in regional tourism
NagaWorld Holdings released an unaudited business summary for the first three quarters of 2020. The total gaming revenue was 610 million US, a year-on-year decrease of 52.62%; net gaming revenue was 294 million US, a year-on-year decrease of 52.33%.
Although most of the cities in Asia have still yet to open the cross-border, however, being the only integrated resort in Phnom Penh City, from the restart of the casino business on July 8, 2020 to September 30, 2020, the group has mainly benefited from the patronage of foreigners, and the average daily gaming turnover and average daily net gaming revenue have achieved a good recovery and be maintained.
Over the years, the Group has been promoting the growth of the mass market segment, which is a relatively stable gambling segment. During the third quarter of 2020, the recovery of mass market segment has also led the way of NagaWorld by achieving a recovery percentage of approximately 97% while the VIP market followed closely with a recovery percentage of approximately 71%.
The pandemic has affected and caused a significant slowdown in regional tourism. However, the group's business has shown a good recovery process from the impact of the virus. The average daily net gaming revenue of each segment of the gaming business further confirmed the recovery of turnover. The growth trend of net gaming revenue obtained after the restart of the casino business continued until the end of September 2020.
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