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Nagacorpís originator becomes a billionaire due to good luck of Nagaworld casino in Cambodia | 14 February 2013 : WorldCasinoYellowPages

Nagacorpís originator becomes a billionaire due to good luck of Nagaworld casino in Cambodia

... 14 February 2013

Nagacorpís originator becomes a billionaire due to good luck of Nagaworld casino in Cambodia

It has been reported by NagaCorp Ltd., the casino operator that there has been an increase of 24.6% to $279 million and 22.9% to $113 million in the income and net profit respectively for the complete year 2012. Nagacorp runs the sole authorized casino named Nagaworld in Phnom Penh, Cambodia. It is noteworthy that 1,470 EGMs or electronic gaming machines, 138 gaming tables and a hotel with 660 rooms are provided by Nagaworld casino. There has been an increase from $142.7 million to $172.8 million in the gaming table income in 2012. At the same time, there has been an increase from $68.7 million to $87.9 million in the EGM income. There was an increase of 50% to $18 million in the non-gaming income.

On the parallel lines of Macau, mass market segment is being more and more gathered by Nagaworld to impel incomes. The adjoining of its premium mass gaming region named NagaRock in Feb. 2012 has proved to be quite accomplishing. There was an increase of 24.4% to $77.9 million in the mass market table income in spite of the fact that the percentage of winning declined to 22.4% from 24.1%. There was an increase of 28% to $87.9 million in the mass EGM income. In spite of the fact that the volume of working EGM’s increased from 1,130 to 1,470 there was just a small increase in the winning per machine. There was an increase of 18.4% to $94.9 million in the income from Junket and VIP’s in correspondence with the win rate of 2.5%, which is unaffected right from 2011.

On the whole, 66% of the incomes and 83% of the gross incomes of Nagacorp were generated by the mass market gaming. The profits from mass market were 91% in contrast to 37% for VIP’s and Junkets. The Inside Asian Gaming was informed by Philip Lee, the CFO of Nagacorp in December that the company would prefer to have 10 gamblers visiting it with $10,000 instead of a single gambler with $1 million. He added that the company doesn’t want to have instability. There are prospects of initiation of an Aristocrat Private Club in 2013 by Nagacorp. This club will be centred on best mass players. In addition to this, it also proposes to adjoin two additional deluxe VIP lounges to the already present five lounges which were initiated in Jan. 2013. These VIP lounges are an introduction to Naga2 which was started up formally in November. There will be 300 gaming tables, 1,000 hotel rooms, 50 VIP lounges, 500 EGMs, a theatre with 4,000 seats and retail site in the new lounges. An aircraft costing $9 million was adjoined by Nagacorp to its store in 2012 to enhance the visits of VIP’s from Thailand, Malaysia, Vietnam, China and Indonesia to support Nagaworld. It is not truly the Air Adelson of Las Vegas Sands rather its’ just a beginning. The fresh deluxe transport bus facility from Ho Chi Minh City is also contributing its share of income to the casino. The initiation of an additional specific gaming zone known as Siagon Palace was encouraged by the volume of clients from Vietnam in Nagaworld, which is characterized by 120 EGMs and 9 gaming tables.

As per statement given by Grant Govertsen, the analyst at Union Gaming, there is still a lot of landing strip left for NagaWorld and its mark of dispersion doesn’t seem to have a possibility so far. As per the hottest list of Forbes of wealthiest people of Malaysia, the good luck of NagaWorld has supported Chen Lip Keong, the originator and regulatory investor of Nagacorp to become a billionaire. The net income of Chen was calculated to be $195 million in 2009 and the shares of Nagacorp have increased more than 500% right from that time. The cost of shares of Nagacorp has become two-fold in only one year time period. It is for sure that the position of Chen will be bettered on the list of Forbes in the years to come keeping in view the domination of NagaCorp on Phnom Penh Casinos, which is going to last till 2035.

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