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Hong Kong-listed casino operator and developer Nagakov Inc NAGAKOF said it recorded a "continued record recovery" in gaming volumes in the first quarter of 2021. This was until Feb. 20, when the NAGAWorld casino complex (file photo) in Phnom Penh, Cambodia's capital, "voluntarily" shut down operations after 11 of its employees tested positive for COVID-19.
The company has not yet provided any information on reopening the property.
In a filing on Thursday, Nagakov said that during the first quarter when Nagarwold opened, the average daily business volume in the mass market gaming sector recovered to 99% of its average in the first quarter of 2020.
Daily VIP rolling chip sales prior to the Feb. 20 outage recovered to 53% of the 2020 first quarter average, the company said.
The casino operator said the daily average for the mass market table buy-in in the first quarter of 2021 when Nagarwold opened was $3.74 million, compared to $3.76 million in the first quarter of 2020. It added that the average daily volume for the electronic game console business was $5.44 million in the latest period, compared to $5.52 million in the January-March period of 2020.
VIP rolling chip daily revenue was approximately $56.6 million between Jan. 1 and Feb. 20, compared to $165.02 million in the first quarter of 2020.
Nagakov recorded a GGR of $127.34 million in the first quarter of 2021, $80.51 million of which was GGR of VIP operations. The company posted $72.6 million in net sales of gaming in the first three months of 2021.
"The average daily volume in the large market segment posted positive sequential growth compared to the second half of 2020, reflecting the progressive growth trend observed," Nagakov explained. "The average daily purchases of public floor tables and electronic game consoles increased 5.2% and 3.6% compared to the average daily volume recorded in the second half of 2020, respectively."
The company said the recovery in the mass market sector was "generally" linked to the presence of a "reasonable-scale expatriate community and, to some extent, East Asian visitors, primarily from China, South Korea and Taiwan."
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