Cambodia continues to capitalise on China’s anti-corruption drive as VIP players flock to Phnom Penh’s NagaWorld casino, the Phnom Penh Post reported on April 6. The casino’s parent company, Nagacorp Ltd., posted a 35% increase in gross gaming revenues in the first quarter of 2016, for a total of $153.8 million. Last year, NagaCorp raked in $172.6 million in net profit, up 27% from the year before, thanks to the expansion of its overseas junket program targeting Chinese gamblers.
NacaCorp’s gains are Macau’s loss, which hit a five-year low in 2015. Once known as the largest gambling centre in the world, several times larger than Las Vegas, it has been hit hard by Chinese President Xi Jinping’s “anti-corruption” campaign. Conspicuous wealth a thing of the past and reason for an investigation by state security, sending high-ranking VIP gamblers in search of new casinos.
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