NagaCorp reported an 8.6% year-on-year decline in gross gaming revenue to US$303.7m for the six months ended June 30 2026, as weakness in its VIP business outweighed continued growth from mass-market customers.
Net gaming revenue fell 3.4% to $282.2m, while EBITDA decreased 2.4% to $195.4m. Net profit attributable to shareholders was $144.0m, down 3.2% year-on-year.
The result follows a stronger 2025, when NagaCorp generated $691.6m in GGR, up 27.4% year-on-year. Mass gaming represented the largest part of NagaWorld's business last year and remained the more resilient segment during the first half of 2026.
Mass market GGR rose 2.7% to $238.3m. Public floor table revenue increased 2.8% to $166.4m, while electronic gaming machine revenue grew 2.6% to $71.9m. Combined mass-market business volumes increased 6.2%.
VIP performance moved in the opposite direction. Premium VIP rollings fell 50.2% to $1.69bn, with GGR down 21.4% to $53.9m. Referral VIP rollings contracted 67.6% to $361.6m and GGR dropped 63.9% to $11.5m.
The decline coincided with a deterioration in Cambodia's inbound tourism environment. Cambodia received around 1.8 million international visitors during H1 2026, while NagaCorp reported a 53.6% decline in leisure and business travelers from the Asia-Pacific region. The operator said weaker regional travel flows had particularly affected its higher-end customer segments.
NagaCorp also cited higher airfares, reduced international flight connectivity and negative perceptions associated with online scam activity in Cambodia as pressures on VIP demand. Mass-market momentum moderated during the second quarter, which the operator attributed partly to FIFA World Cup matches overlapping with peak casino operating hours.
The balance sheet strengthened despite the earnings decline. Cash, bank balances and fixed deposits increased 11.8% from the end of 2025 to $416.3m. NagaCorp also repaid its $70m shareholder loan in May, leaving it with no outstanding borrowings at June 30.
In April, NagaCorp reported Q1 GGR of $174.7m, up 2.1% year-on-year, as mass-market table and electronic gaming machine growth offset declines across both VIP segments.
NagaCorp declared an interim dividend of 0.98 US cents per share, representing a payout ratio of 30% of net profit for the period
