NagaCorp Shows Recovery Despite Russia Casino Pause
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NagaCorp's Q1 financial results show a marked improvement following COVID-19 restrictions and the pause of its Russia casino development.
NagaCorp reported a 14% drop in gross gaming revenue to $110m in the first quarter. The company's non-VIP gaming segments all had improvements year on year. It has been a rough couple of years for Naga Corp due to COVID-19 restrictions on land-based properties.
NagaCorp has put its partially built Russian casino resort project on hold. The development of the Primorsky Entertainment Resort City in Vladivostok will remain paused until the circumstances are clearer. Many other companies in the gambling industry have stopped serving the Russian market since the start of Ukraine conflict. Naga Corp operates two casinos in Cambodia and is building another.
NagaCorp has delayed the opening of its Russian casino resort. The project was supposed to be ready by 2021, but now it's not. Chen Lip Keong, the Malaysian billionaire, is the ninth richest person in the country.
