Hong Kong-listed NagaCorp says it has staged a solid recovery of casino operations since the reopening of its Cambodian IR NagaWorld, with mass market gaming tables returning to 88% of the daily gross gaming revenues recorded pre-closure.
The figures formed part of a business update published by NagaCorp overnight which showed GGR of US$609.9 million over the first nine months of 2020.
Cambodia’s Prime Minister Hun Sen ordered all casinos across the country closed from 1 April before allowing some to reopen in early July pending approval from the Ministry of Health.
Since 1 August, NagaCorp said that daily mass market table buy-ins had reached 93% of pre-COVID levels at US$3.5 million per day with GGR back to 88% at US$744,000 per day.
EGMs have recovered even faster, with bill-ins matching pre-COVID levels at US$5.5 million and GGR at US$316,000 per day.
VIP has been slower to recover, reaching 71% of pre-COVID levels at daily rolling of US$76.1 million and 92% of GGR at US$699 million.
Combined, the three gaming segmented reached 91% of pre-COVID GGR at US$1.7 million per day.
“For many years, the Group has been promoting the growth of the mass market as a more stable gaming segment,” NagaCorp said.
“It was observed that during 3Q20, business volume recovery of the mass market segment is leading … the more volatile VIP market is following behind and registered a recovery percentage of about 71%.
“The Group has observed increasing footfall and new clientele pool on the mass market floor, in particular, the premium mass/ high limit gaming area.
“After reopening of casino operations in July 2020, the premium mass segment has been the key mass market revenue growth driver.”
NagaCorp added that it has introduced a range of incentives and promotion packages based on casino buy-in commitments aimed at boosting visitation, including complimentary hotel stays and food and beverage offerings.
“Multiple tiers incentives for both mass and VIP markets are offered to customers, whereby higher committed purchases of chips lead to higher value of incentives offered to customers,” the company said.
“The competitive incentives offered are expected to increase gaming business volumes.”