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NagaCorp reported sharply higher profit for 2025 as revenue and EBITDA improved across key segments at NagaWorld in Phnom Penh. Better mass market performance, stronger VIP activity, and higher-margin gaming products all helped lift the result.
Good to Know
- NagaCorp net profit reached $309.9 million in 2025.
- Group revenue rose 26.2% to nearly $709.7 million.
- A higher win rate and side bet games added about $39 million in extra revenue.
NagaWorld Lifts NagaCorp Results
NagaCorp said full-year net profit reached $309.9 million, up from $109.6 million a year earlier. In 2024, the company had booked a non-cash asset impairment loss of $89.1 million tied to its resort project in Vladivostok, Russia.
Revenue for 2025 came to nearly $709.7 million, up 26.2%, while EBITDA climbed to $404.4 million from $202.8 million in 2024. EBITDA margin improved to 57.0%, and net profit margin rose to 43.7%.
The company linked the gains to volume growth across the business and a stronger focus on the mass market. It also pointed to higher-margin products, including side bet games. In company comments, management said those efforts helped improve player experience and services while also lifting returns.
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At NagaWorld, gross gaming revenue rose 27.4% year-on-year to $691.6 million. Mass-market table revenue increased 27.2% to $342.4 million, while mass-market electronic gaming machine revenue rose 13.5% to $142.6 million.
NagaCorp said mass-market performance was helped by business volume growth of 12.6% and a win rate of 22.9%. The company added that the rollout of higher-margin side bet games lifted win rates over the past 12 months. According to the filing, the higher win rate alone added about $39 million in incremental revenue during the year.
Another part of the story came from premium mass. The company said higher-value patrons continued to visit its high-limit areas, helping table yield and changing customer mix. Premium mass revenue accounted for 38.5% of total mass-market table GGR, up from 33.9% in 2024.
VIP business also improved. Revenue from the house-managed VIP segment, which NagaCorp calls premium VIP, rose 32.1% to $136.2 million on rolling volume of $5.50 billion, up 51.6%. The company said that rebound came from more higher-value business travellers entering Cambodia and from stronger spend among premium VIP customers.
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Referral VIP revenue rose 57.2% to $70.4 million, on rolling volume of $2.32 billion, up 17.2% from the prior year.
NagaCorp also declared an interim dividend of $0.0109 per share, or $48.3 million in total, payable on August 7. The company said that equals a payout ratio of 30% based on net profit from the second half of 2025. Management said the dividend reflects confidence in funding growth plans while continuing capital distributions.
Even after ending a subscription agreement in December that would have raised funds for Naga 3, the company said it still plans to continue with the expansion project. Earlier guidance had indicated that cost and scale could be reduced.
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