NagaCorp's GGR for the second quarter came in 20% below the $161.1 million booked a year earlier and 26.2% under the $174.7 million posted in 1Q26. VIP GGR fell 46.9% to $20.2 million, while mass-market tables and slots brought in $108.7 million, down 11.6%. The quarter reverses a 2.1% year-on-year rise in GGR in 1Q26. Management flagged the slowdown and pointed to FIFA World Cup matches running in the casino's peak hours.
VIP volume collapses, mass holds the line
Over six months GGR slipped 8.6% to $303.7 million and consolidated revenue fell 8.4% to $313.2 million. VIP GGR for the half was $65.3 million against $100.2 million a year earlier, a 34.8% drop. Premium VIP rolling volume halved, down 50.2%, but segment GGR fell only 21.4% as win rate improved. Referral VIP rolling volume dropped 67.6% and its GGR 63.9%. NagaCorp tied the VIP weakness to softer regional travel demand, higher airfares on fuel costs and fewer direct flights to Cambodia. It also cited the country's reputation damage from online scam operations. Passenger traffic through the main airport fell 28.9% year on year in the half.
Mass GGR rose 2.7% to $238.3 million on buy-ins and bills-in up 6.2%, lifting the segment to 78.5% of group GGR from 69.8% in 1H25. That held the profit decline in check: EBITDA fell 2.4% to $195.4 million and net profit 3.2% to $144.0 million. The company declared an interim dividend of US$0.98 cents per share, $43.2 million in total at a 30% payout ratio. A $70 million shareholder loan was repaid in full in May, leaving no borrowings as of 30 June.
Based on Asia Gaming Brief.
