Cambodia casino reaps 25 mn dollars profit

September 4, 2008 at 2:44 am Leave a comment

The Economic Times – September 03, 2008

PHNOM PENH: Cambodia’s burgeoning economy brought casino operator NagaCorp 25.5 million dollars in profit in the first half of the year, a company report obtained by media revealed Wednesday. The profit signalled a rise of 26.9 per cent on a year earlier.

“Our operations continued to benefit from the political stability and economic development of Cambodia,” the NagaCorp report said. After decades of turmoil, Cambodia has emerged as a rising economy in Southeast Asia – posting an average of 11 per cent growth over the past three years on the back of strong tourism and garment sectors.

Nagacorp reported its revenue soared 68.5 per cent from the same period last year to approximately 109.1 million dollars, in a country hosting several casinos popular with gamblers across the region.

The Malaysian-owned company is registered on the Hong Kong Stock Exchange and runs the largest casino in Cambodia’s capital Phnom Penh. The government awarded it a gambling license in 1994 to promote international tourism.

More than a dozen casinos operated by other companies dot Cambodia’s borders with Vietnam and Thailand, raking in an estimated tens, if not hundreds of millions of dollars each year.

The industry fuels the economies of several hard-scrabble Cambodian cities, though the country remains desperately poor with more than 30 per cent of its 14 million population living in poverty.

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