Casino developer and operator Nagakov reported a loss of $147 million for the full year of 2021, compared with a profit of $102.3 million a year earlier.

The results of the "voluntary temporary suspension of business in response to the COVID-19 situation in Cambodia" period "reflected the impact," the company said in a filing with the Hong Kong Stock Exchange on Monday.

The company said its impact on operations has been mitigated by a gradual and satisfactory recovery in business volumes and sales in the public market segment since the reopening of casinos on Sept. 15, as well as the implementation of strict operating cost controls.

The group holds a long-lived exclusive casino license for Cambodia's capital Phnom Penh through the Nagaworld resort complex (pictured) and has also been working on development projects in Russia's Far East. Nagaworld's casinos were closed from early March until Sept. 15.

The company has not declared a dividend for the latest reporting period.

Despite the closure, Nagakov was able to generate positive earnings before interest, taxation, depreciation and amortization. The group's EBITDA was $15.6 million in 2021, compared to $265.2 million annually in 2020.

Overall group revenue in 2021 was nearly $225.9 million, down from $878.7 million a year earlier. Total gaming revenue (GGR) from casino operations was $223.5 million, compared to $869.6 million in 2020.

Annual VIP market revenue was $64.4 million in 2021, down from $534.2 million a year earlier, while public market table revenue was down to $66.5 million compared to $174.3 million in 2020, the group said.

Table game's "premium mass market" revenue of $48.9 million in 2021, which the company described as including a rolling chip program, was down from $78.7 million a year earlier. E-table game operating revenue was just under $44 million, compared to $82.4 million in 2020.

Nagakov said it recorded sequential growth in its bulk market volumes during the fourth quarter of 2021. "Despite a longer business end period in 2021 (approximately 6.5 months) compared to 2020 (approximately 3.5 months), the business volume recovery has been faster since the second reopening," it said.

The company said it continues to see "a growth trajectory that has progressed through January 2022." This came despite strikes by some current and former workers at the Nagarwold complex in December.

In mid-December, a trade union announced that Nagaworld's employees would strike following an unresolved dispute with the resort's operator and a definitive outcome of talks between management and staff brokered by the government. The company said that Nagaworld's operations remained "normal" during this period.

BY: 우리카지노탑

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