NagaCorp reported unaudited gross gaming revenue of US$174.7m for the three months ended March 31 2026. The figure represents a 2.1% increase from US$171.2m in the same period last year, according to a voluntary filing with the Hong Kong Stock Exchange.
Net gaming revenue rose 7.9% year-on-year to US$160.0m, compared with US$148.3m in the first quarter of 2025.
Performance during the quarter was driven primarily by the mass market segment. Public floor table buy-ins increased 15.7% to US$379.6m, while gross gaming revenue from those tables climbed 23.9% to US$91.3m. Electronic gaming machines also posted solid growth, with bills-in rising 21.3% to US$811.4m and related GGR up 8.4% to US$38.3m.
By contrast, VIP segments continued to decline. Premium VIP rollings fell 42.2% to US$1.16bn, with GGR decreasing 16.2% to US$35.9m. Referral VIP rollings dropped 54.5% to US$225.9m, while GGR in that segment declined 52.4% to US$9.2m.
The results reflect a continued shift in revenue mix toward the mass market, which helped offset lower VIP turnover during the period.
The operator emphasized that the operational data are based on a preliminary assessment of internal records and management accounts and have not been audited or reviewed by its external auditor.
For the full year ended December 31 2025, NagaCorp reported gross gaming revenue of US$691.6m, up 27.4% from US$542.9m in 2024. The company ended the year with US$372.3m in cash and minimal leverage, supported by Cambodia’s continued tourism recovery and economic growth.
The figures are unaudited and based on preliminary internal management accounts
