Cambodia casino reaps 25 mn dollars profit
Cambodian casino operator NagaCorp announced a profit of $25.5 million
in the first half of the year, Indian newspaper he Economic Times
quoted the company’s media release as saying Wednesday.
The profit signalled a rise of 26.9 percent 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 percent growth over the past
three years on the back of strong tourism and garment sectors.
Malaysian-owned Nagacorp reported its revenue soared 68.5 percent from
the same period last year to approximately 109.1 million dollars, in a
country hosting several casinos popular with gamblers across the
The 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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