Financial Performance - Total gaming revenue for the fiscal year 2024 increased by 5.5% to $542.9 million from $514.8 million in fiscal year 2023[3] - Mass gaming revenue rose by 17.2% to $395 million, up from $337 million in the previous year[3] - The overall gross margin for the mass and premium VIP segments improved to 86% from 84% in the previous fiscal year[3] - Net profit decreased by 38.3% to $109.6 million, primarily due to a non-cash impairment loss of $89.1 million related to the Vladivostok project[3] - Basic earnings per share dropped to 2.48 cents from 4.02 cents in the previous year[3] - EBITDA for the fiscal year 2024 was $202.8 million, down from $295.3 million in fiscal year 2023[3] - Total revenue from casino operations increased to $562.5 million in 2024, up from $533.2 million in 2023, representing a growth of approximately 5.5%[16] - The company reported a pre-tax profit of $109.6 million for 2024, a decrease from $177.7 million in 2023, reflecting a decline of about 38.4%[23] - Casino tax expenses for 2024 amounted to $34.2 million, compared to $31.3 million in 2023, indicating an increase of approximately 9.1%[19] - The company's total assets decreased to $2.3 billion in 2024 from $2.34 billion in 2023, a reduction of about 1.0%[13] - Cash and cash equivalents significantly dropped to $120.4 million in 2024 from $348.4 million in 2023, a decline of approximately 65.4%[13] - The company did not recommend any dividends for the current year, consistent with the previous year[22] - The interest expenses related to preferred notes decreased to $20.5 million in 2024 from $39.7 million in 2023, a reduction of about 48.3%[16] - The company’s net asset value increased to $2.16 billion in 2024 from $2.02 billion in 2023, reflecting a growth of approximately 6.5%[13] - The company’s employee costs rose to $102.0 million in 2024, compared to $87.9 million in 2023, an increase of about 16.1%[17] - The company’s total liabilities decreased significantly, with current liabilities net worth improving to $(35.1) million in 2024 from $(243.7) million in 2023[13] - Total reported segment revenue for the year ending December 31, 2024, is $567,072,000, an increase from $538,339,000 in 2023, representing a growth of approximately 5.6%[30] - The segment profit for the year ending December 31, 2024, is $215,576,000, down from $319,157,000 in 2023, indicating a decline of about 32.5%[28] - Total assets reported as of December 31, 2024, are $2,922,161,000, a decrease from $3,148,339,000 in 2023, reflecting a reduction of approximately 7.2%[28] - Total liabilities as of December 31, 2024, amount to $(680,500,000), slightly up from $(666,021,000) in 2023, showing an increase of about 2.3%[28] - Capital expenditures for the year ending December 31, 2024, are $101,845,000, significantly higher than $39,929,000 in 2023, indicating an increase of approximately 154.5%[28] - Impairment losses on property, plant, and equipment for the year ending December 31, 2024, total $48,852,000, compared to none in 2023[29] - The company has recognized a total of $89,110,000 in impairment losses related to the Vladivostok project in 2024, with no such losses reported in 2023[32] - The company’s non-current assets in Cambodia and Russia as of December 31, 2024, are valued at $2,123,279,000 and $192,576,000 respectively, compared to $2,054,167,000 and $281,582,000 in 2023[30] - The company has no individual customer contributing 10% or more to its revenue in the current or past years[30] Market Trends and Economic Environment - Daily average revenue from the gaming floor grew by 8.2% year-on-year to $10,700,000, recovering to 89.1% of pre-pandemic levels[44] - The number of international visitors arriving in Cambodia via Phnom Penh International Airport recovered to 84.6% of 2019 levels in 2024[44] - The high-end VIP market's daily turnover recovered to 82.5% of pre-pandemic levels, driven by the return of business travelers[44] - The overall financial performance is attributed to stable recovery and growth trends in the business, supported by the resurgence of the Cambodian tourism industry[43] - Total revenue and gross profit contributions from the mass and high-end VIP segments accounted for approximately 88.5% and 94.1%, respectively[44] - Cambodia welcomed approximately 6,700,000 international tourists in 2024, surpassing pre-pandemic levels with a recovery rate of 101.4%, ranking second among major Asian countries in tourist recovery[48] - The Cambodian government approved a budget of $50,000,000 to attract more international tourists over the next two years, focusing on promoting Cambodia as a leading tourism destination[46] - The number of international flights to Cambodia increased by 21.1% to 585 weekly flights as of March 17, 2025, with significant increases from major cities in Greater China and Southeast Asia[49] - Foreign direct investment (FDI) projects in Cambodia reached a total of $6,900,000,000 in 2024, representing a year-on-year growth of 40.2%[50] - China remained the largest source of foreign investment in Cambodia in 2024, with an investment amount of $3,400,000,000, accounting for 49.8% of total foreign investment[50] - The ASEAN region recorded approximately 123,000,000 international tourists in 2024, reflecting a year-on-year growth of 30.6%[48] - The Cambodian Ministry of Tourism partnered with Visa Worldwide to support the development of the tourism industry and enhance its appeal to international visitors[47] - The Cambodian government is focused on promoting all tourist attractions and has implemented measures to reduce e-visa fees to attract more tourists and investors[47] - Moody's upgraded Cambodia's outlook to stable, citing improvements in trade balance, tourism recovery, and foreign direct investment inflows[50] - Cambodia's export market is projected to reach $54.7 billion in 2024, reflecting a year-on-year growth of 16.9%[52] Corporate Social Responsibility and Sustainability - Since 2014, the NagaWorld Kind Hearts initiative has conducted over 730 events, contributing more than 43,000 hours of volunteer service[55] - NagaWorld has donated 55 computers benefiting 3,749 children from 10 NGOs and schools in the current year[56] - NagaWorld planted nearly 3,500 saplings in four provinces this year, with over 400 participants involved[58] - The company received multiple awards for its corporate social responsibility efforts, including the Platinum Award for "Best in Cambodia" at the 16th Global CSR Summit[58] - NagaWorld was recognized as a "Best Honorary Company" in the small-cap category by Institutional Investor magazine in June 2024[59] - The company has voluntarily adopted new climate regulations ahead of their mandatory implementation in January 2025, enhancing its sustainability reporting[84] - The company received the "Environmental Leader" title at the EuroCham Cambodia ESG Contest and Awards 2024 for its environmental efforts[86] - Gender diversity among employees was nearly equal, with women making up 50.2% and men 49.8% of the workforce[87] - The company held two board meetings in 2024 to discuss sustainability-related matters, including progress towards 2030 environmental goals[88] Strategic Initiatives and Future Outlook - The company has entered into an investment agreement to invest at least 11,600,000,000 Russian Rubles (approximately $350,000,000) in the Vladivostok project[34] - The company has no plans to declare a final dividend for the current year, maintaining a focus on reinvestment[95] - The company fully repaid $472,200,000 of outstanding principal on its 2024 senior notes, reflecting strong financial management[96] - The company will publish its annual report on its website and send it to shareholders via mail or electronically[100] - The exchange rate used for conversion is 1.0 USD to 7.75 HKD as of December 31, 2023[100] - The exchange rate for RUB is 1.0 USD to 101.68 RUB as of December 31, 2023[100] - There were no significant investments or acquisitions during the year, and no major updates on the Naga 3 and Vladivostok projects[81] - Despite external challenges from geopolitical tensions and global economic slowdown, Cambodia's economy shows resilience supported by growth in tourism and manufacturing[89] - Cambodia's Royal Government aims to attract 7,500,000 international arrivals by 2025, leveraging the new Phnom Penh International Airport with a capacity of 13,000,000 passengers annually[90] - The bilateral trade goal between Cambodia and Thailand is set at $15,000,000,000 by 2025, supported by the Plus-One strategy to enhance private investment[91] - The National Data Centre of Cambodia is expected to be fully operational by 2025, aimed at improving administrative services and supporting digital innovation[93] - NagaWorld, as the only integrated resort in Phnom Penh, is positioned to thrive by attracting tourists seeking competitive pricing and luxury experiences[94] - The Cambodian government is actively pursuing direct flight routes to enhance tourism, including partnerships with countries like the Philippines, Japan, and Australia[90] - Cambodia is optimistic about increasing Chinese tourist arrivals through the "Ready to Welcome Chinese Visitors" strategy and ASEAN tourism initiatives[92] - The new airport project is part of a long-term strategy to position Cambodia as a world-class tourist destination, enhancing infrastructure and introducing new routes[90] - The government is exploring a multi-country visa proposal to facilitate seamless travel among Cambodia, Brunei, Laos, Malaysia, Vietnam, and Thailand[91]
金界控股(03918) - 2024 - 年度业绩