Cambodia casino reaps 25 mn dollars profit
05-SEP-2008 Intellasia | The Economic Times
Sep 5, 2008 - 7:00:00 AM
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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% 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% growth over the past three-years on the back of strong tourism and garment sectors.
Nagacorp reported its revenue soared 68.5% 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% of its 14 million populations living in poverty.
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