Cambodian gaming giant NagaCorp Ltd has reported a monumental financial recovery, booking a net profit of US$309.9 million for the 2025 fiscal year.
This figure more than doubles the US$109.6 million reported in 2024, signaling a robust rebound for the Hong Kong-listed operator, which holds a long-term monopoly in Phnom Penh.
Mass Market and VIP Rebound
Group-wide revenue climbed 26.2% to US$709.7 million, with EBITDA margins hitting a remarkable 57.0%. Management credited this success to a sharper focus on mass-market players and the rollout of higher-margin side bets, which contributed approximately US$39 million in extra revenue.
The premium mass segment was a standout, increasing its share of total table revenue to 38.5%. Additionally, house-managed VIP revenue surged 32.1% to US$136.2 million, fueled by an influx of regional business owners opting for longer stays and higher spending.
Dividends and the Naga 3 Future
NagaCorp declared an interim dividend of US$0.0109 per share, totaling US$48.3 million. This 30% payout ratio underscores management’s confidence in balancing shareholder returns with massive infrastructure projects like Naga 3.
Although the company scrapped a subscription deal to fund the expansion last December, it has vowed to press ahead, potentially adjusting the project’s scope to align with current cash flows.
The company framed the 2025 performance as proof of its ability to fire on all cylinders:
“[The cash return is] proof of faith in balancing growth investments with steady distributions.”
