Naga casino ready to roll in Russian venture

Business | Joyce Chen 8 Feb 2018

NagaCorp (3918), the owner of the largest gaming and hotel complex in Cambodia, will start operating its casino in Russia's far east next year, says chairman Timothy Patrick McNally.

Naga 2, the casino which opened only a few months ago, is already seen as profitable and the company is considering upgrading and renovating properties it owns nearby to support the casino expansion, said Philip Lee Wai Tuck, executive director and chief financial officer of the firm.

As more and more mainland tourists visit Cambodia, the casino-operator is planning to expand private jet services with more flights, and increasing coverage in the mainland as well as Southeast Asian countries such as Indonesia, the management added.

The group owns two Airbuses and rents one jet, covering seven cities in the mainland.

Amid the rumor that the Chinese government is to allow legal gambling on Hainan Island, McNally said he would not comment on the issue.

The share price of NagaCorp jumped 5.51 percent to HK$6.89 yesterday after revealing its annual financial performance on Tuesday after the markets closed.

It recorded a 39 percent year-on-year growth in net profit to US$255.20 million (HK$1.99 billion) for the year ended December 31 2017, while revenue surged 85 percent to US$926 million.

A dividend of HK$1.45 US cents per share was declared. Earnings per share was 7.94 US cents.

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