Suncity Group to open new junket service at NagaWorld
In Cambodia, prominent junket operator Suncity Group has reportedly announced that it intends to begin running a new VIP service for high-value clients inside the NagaWorld casino and entertainments complex from next month.
According to a report from GGRAsia, Macau-based Suncity Group is to inaugurate the new high-roller offering inside the Naga 2 portion of the Phnom Penh venue on March 1, less than four months after the 900-room extension opened featuring a casino with a sportsbook alongside a range of gaming tables.
The Naga 2 section of NagaWorld is reportedly connected to its older Naga 1 counterpart via an underground shopping mall complex known as NagaCity Walk and also offers meeting and conference spaces with theater seating for up to 2,200 people.
NagaWorld is the only integrated casino resort in Cambodia and its owner, Hong Kong-listed NagaCorp Limited, reportedly used a Wednesday press conference to reveal that it had already given a second unnamed Macau-headquartered junket operator permission to run similar services inside the Phnom Penh facility.
GGRAsia additionally reported that Suncity Group’s revelation came only a day after NagaCorp Limited explained that the net annual profit for NagaWorld had risen by 38.6% year-on-year to stand at $255.2 million thanks to a 78.8% increase in overall revenues to $956.3 million. The casino firm moreover purportedly detailed that the Cambodian facility’s gross gaming revenues for 2017 had swelled by 84.9% to hit $926 million and account for some 96.8% of all takings while its VIP rolling chip turnover surged approximately 142% to around $21.1 billion.
Grant Govertsen from research and investments firm Union Gaming Securities Asia Limited reportedly told GGRAsia that its ‘makes sense’ for Suncity Group to be opening an operation for Naga 2 as he has ‘consistently heard’ that the venue is well exceeding expectations while Macau-based junket operators now ‘have no issues in bringing more of their players’.
“This gives us confidence in our forward estimates for NagaWorld’s VIP program to generate Macau flagship-like VIP volumes on a go-forward basis,” Govertsen reportedly told GGRAsia.
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