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Hong Kong-listed casino operator and developer Nagakov on Monday reported a net profit of over $102.3 million for all of 2020, driven by a "satisfactory" recovery in the second half of the year. Those gains were down 80.4% compared with $521.3 million in 2019.
Its 2020 earnings fell 50.0% year-on-year to about $878.7 million, it said in a statement to the Hong Kong Stock Exchange.
The company declared a final dividend of $0.188 per share to be paid on July 5. The company said the dividend was equivalent to "100% payment of net income accrued in the second half of 2020."
The company operates a naga world casino resort (file photo) in Phnom Penh, the capital of Cambodia. It has an exclusive license to operate casinos in Phnom Penh and the surrounding area.
The Hong Kong-listed organization has also proposed the development of a $350 million non-gaming resort near Angkor Wat, a UNESCO World Heritage Site.
All casinos in Cambodia have been temporarily ordered to close since April 1 as part of measures to prevent further spread of the COVID-19 pandemic.
Naga Corp was allowed to resume VIP gambling tables and slot machines operations on July 8. The company announced that large market gaming tables could also resume on July 19.
Nagakov said in a filing on Monday that since reopening casinos in July, the company has recorded an initial recovery of about 95% for the mass market segment and 69% for the VIP segment, compared with the period before the closure in the first quarter of 2020.
"The satisfactory recovery in gaming business size and revenue is largely attributed to visitors from East Asia from China, South Korea and Taiwan, as well as reasonably sized foreign communities," the company said.
Nagakov said earnings from the group before interest, taxation and depreciation (EBITDA) rose about 99% sequentially in the second half of 2020, helped by the resumption of gaming operations. The group generated $265.2 million in EBITDA for 2020, down 60.5% year-over-year.
The company said the Nagarwold Casino Complex posted gross gaming revenue (GGR) of just over $869.6 million in 2020. It said it was down 49.4% compared to 2019.
Nagakov said claims for its electronic game consoles fell 48.1% to nearly $1.43 billion, while its public market table purchases fell 40.8% to $973.5 million in 2020.
In the VIP table gaming segment, the group's rolling chip sales have halved to about $22.6 billion. 슬롯사이트
Nagakov announced last week that it was "voluntarily" suspending Nagarwold's operations after 11 employees tested positive for COVID-19. The company has not yet announced a reopening date.