Cambodian integrated resort operator NagaCorp said that they are focusing its energies on the “local captive market” in Phnom Penh, including “referral VIP”, after shutting its Suncity VIP Club due to COVID-19 in March.
While Australia’s Crown Resorts and Star Entertainment Group have cut ties with all Asian junkets in the wake of local regulatory probes.
NagaCorp was one of a number of regional casino and IR operators to confirm that Suncity rooms within their properties had long since suspended operations as a result of the pandemic.
While most were reluctant to elaborate, NagaCorp said it had closed its Suncity VIP Club at NagaWorld in March 2021, with the company instead “planning to concentrate on the local captive markets of mass, premium mass and what it described as “referral VIP”.
“The company is also reacting to tourism opportunities as soon as the country’s border opens up.”
Last week that NagaWorld had the highest EBITDA exposure to the VIP segment of all regional operators within its coverage at 45% in 2019, of which 25% is estimated to have come from Chinese VIPs.
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