Wednesday, February 10, 2010

Cambodia casino firm NagaCorp sees 2010 rev up 30 pct

HONG KONG, Feb 10 - NagaCorp <3918.HK>, which operates a casino in Cambodia, expects revenue in 2010 to grow by 30 percent as the global economy recovers, its chief executive officer said.

On Tuesday, NagaCorp posted a 36.3 percent fall in 2009 net profit to $25.5 million. Revenue fell 39.1 percent to $118 million, with revenue from VIP gamblers tumbling 70 percent.

The company planned to add at least 250 slot machines to its casino in 2010 and form joint ventures with junket operators -- middle men who bring VIP gamblers to casinos in Macau and Thailand, CEO Chen Lip Keong told Reuters in an interview on Wednesday.

Founded in 1995 and listed in Hong Kong in October 2006, NagaCorp, with a stock market value of $222.4 million, is the only casino operator in Phnom Penh. With a casino license that is valid till 2065, NagaCorp can operate any number of casinos of any size within 200 kilometres of the capital.

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