Cambodian casino operator NagaCorp Ltd has reported one of its strongest years on record, posting a net profit of US$309.9 million for full-year 2025 — a remarkable turnaround from the US$109.6 million recorded in 2024, which had been weighed down by a US$89.1 million non-cash impairment loss tied to the company’s stalled resort project in Vladivostok, Russia. Alongside the results, NagaCorp declared a final dividend of US$0.0109 per share, amounting to US$48.3 million in aggregate, to be paid on August 7, 2026.
The headline numbers reflect broad-based growth at NagaWorld, the Hong Kong-listed company’s flagship integrated resort in Phnom Penh, which holds a casino monopoly licence for the Cambodian capital and its surroundings until 2045.
Group-wide revenue for 2025 reached nearly US$709.7 million, up 26.2 percent year-on-year. Gross gaming revenue from NagaWorld rose 27.4 percent to US$691.6 million, driven by stronger performance across both mass and VIP segments. EBITDA stood at US$404.4 million, up from US$202.8 million in 2024, with the EBITDA margin expanding to 57.0 percent and the net profit margin reaching 43.7 percent.
Mass market table revenue grew 27.2 percent year-on-year to US$342.4 million, while electronic gaming machine revenue increased 13.5 percent to US$142.6 million. The premium mass segment continued to punch above its weight, with premium mass revenue representing 37.4 percent of total mass market table GGR — a clear indication of an improving customer mix.
The standout performance came from the VIP segment. Revenue from NagaCorp’s premium VIP category rose 32.1 percent to US$136.2 million on rolling volume of US$5.50 billion, a 51.6 percent increase year-on-year. The referral VIP segment surged, with revenue up 57.2 percent to US$70.4 million. NagaCorp attributed the strong VIP rebound to an increased influx of higher-value business travellers and elevated gaming spend among regional clientele — predominantly business owners from key feeder markets including Malaysia, Singapore, and Greater China.
The final dividend declared represents a payout ratio of 30 percent based on net profit generated for the second half of 2025. This follows an interim dividend of US$0.0101 per share — equivalent to US$44.6 million — declared for the first half of the year, which marked NagaCorp’s return to shareholder distributions for the first time since 2021.
CLSA analyst Jeffrey Kiang, in a note following the results, indicated the 30 percent dividend payout ratio is expected to remain steady through 2028. The reasoning is straightforward: NagaCorp intends to fund the development of its Naga 3 expansion project using internal cashflow rather than external financing, which limits the headroom for higher distributions. “We expect dividend payout to be at only approximately 30 percent going forward, as construction of NagaWorld Phase 3 with internal funding should be a key priority,” Kiang wrote.
The Naga 3 expansion has been a defining topic for NagaCorp investors. Originally planned at US$3.5 to US$4 billion, the project was revised significantly following the collapse of key VIP junket operators and post-pandemic market shifts. In December 2025, NagaCorp terminated a US$1.75 billion share subscription agreement with its controlling shareholder. Despite this, the company reaffirmed its intention to proceed with Naga 3, with CLSA estimating the revised cost at approximately US$1.75 billion — roughly half the original budget — and the payback period at four to five years.
NagaCorp’s 2025 results signal a company that has firmly turned the page on a difficult 2024. With Cambodia’s tourism recovery accelerating, a four-month trial visa exemption for Chinese passport holders from June 2026, and growing foreign direct investment, the macro backdrop remains constructive. CLSA has projected a 12 percent CAGR in NagaCorp’s net profit through 2027, forecasting US$382 million by that year. The combination of a profitable monopoly operation, a disciplined 30 percent dividend policy, and a scaled-down Naga 3 plan funded internally presents a cleaner, lower-risk growth narrative than the company has offered in several years.
