TLDR
- NagaCorp’s net profit fell 3.2% year on year to $144 million in the first half of 2026.
- VIP gaming revenue dropped sharply due to travel costs, fewer flights, and concerns tied to online scam activity in Cambodia.
- Mass market gaming grew, with both table and slot revenue increasing during the period.
- The company declared an interim dividend of $0.98 per share, down from $1.01 last year.
- Adjusted EBITDA declined 2.4% to $195.4 million for the six month period.
NagaCorp reported lower profit for the first half of 2026. The company runs the NagaWorld resort in Phnom Penh, Cambodia.
Net profit fell 3.2% year on year to $144 million. The company pointed to weaker demand in its VIP gaming segment.
Adjusted EBITDA dropped 2.4% to $195.4 million. Gross gaming revenue fell 8.6% to $303.7 million for the six months ended June 30.
NagaCorp said several factors hurt its VIP business. These included concerns about Cambodia’s link to online scam activity, higher fuel prices, and fewer international flights.
VIP Segment Faces Pressure
The VIP segment took the biggest hit during the period. Premium VIP rollings fell 50.2% to $1.69 billion.
Premium VIP gross gaming revenue dropped 21.4% to $53.9 million. Referral VIP rollings fell 67.6% to $361.6 million.
Referral VIP gross gaming revenue dropped 63.9% to $11.5 million. The company said this part of the business depends heavily on cross-border travelers and high-net-worth customers.
NagaCorp said these customers are more sensitive to changes in travel costs and international relations. Fewer direct flights to Cambodia added to the pressure.
The company also said the FIFA World Cup drew customer attention away from gaming floors. This contributed to slower business during the second quarter.
Rising jet fuel prices pushed up the cost of traveling to Cambodia. This made trips less appealing for some visitors.
Mass Market Gaming Grows
While VIP gaming struggled, the mass market side of the business performed better. Mass market volumes across tables and slots rose 6.2% year on year.
Mass table gross gaming revenue increased 2.8% to $166.4 million. Electronic gaming machine revenue rose 2.6% to $71.9 million.
These gains helped offset some of the losses from the VIP segment. The results show that not every part of NagaCorp’s business faced the same challenges.
Regular gamblers kept visiting the resort even as high end VIP customers stayed away. This split in performance was a key theme in the first half report.
NagaCorp also announced an interim dividend of $0.98 per share. This equals a payout ratio of 30% of the company’s net profit for the period.
The dividend is lower than the $1.01 per share paid out in the first half of 2025. The lower payout matches the drop in profit for the period.
NagaCorp said the decline in VIP activity links to a mix of reputation concerns, travel costs, and flight availability. These factors combined to weigh on the company’s premium gaming business.
The company’s first half results reflect a mixed picture. VIP activity fell sharply while mass market gaming kept growing.
