The company, which operates the NagaWorld integrated resort in Phnom Penh, reported a net profit of $148.8 million and earnings before interest, tax, depreciation and amortisation (EBITDA) of $200.3 million in the six months to June.

“Our relatively stable performance reflects the gradual recovery of leisure and business-related visitors to NagaWorld, as well as a stable domestic market, which has proven to be a self-sustaining business,” Chairman Philip Lee Wai Tuck said in a statement to shareholders in the group’s 2025 interim report.

Mass market gaming, a key growth driver, saw revenue increase by 24% year-on-year, driven by higher win rates and increased traffic from Cambodian expatriates, ASEAN tourists, and returning Chinese tourists. Mass market gaming revenue has now recovered to 97% of pre-pandemic levels.

"NagaWorld's domestic market is extremely resilient, while the expatriate population is growing, which provides us with a unique advantage and competitive position," said Mr Lee.

High-end mass market tables also saw growth, thanks to new high-limit products, accounting for 37.4% of mass market gaming revenue , compared to 33.9% in the same period last year.

The high-end VIP market saw a surge of 87.9% in turnover , with electronic gaming machine activity exceeding its pre-COVID-19 peak. Together, the mass market and high-end VIP markets contributed over 90% of the Group’s total gaming revenue .

Non-gaming revenue also edged up 2.1% , driven by international events and higher occupancy rates at Phnom Penh resort hotels .

The results come against the backdrop of a broad recovery in Cambodia’s tourism sector, which the company said has been a key catalyst for its growth.

In the first half of this year, Vietnam welcomed 3.4 million international passengers , a 6% year-on-year increase, as airlines expanded routes and flight frequencies. As of mid-August, the number of international flights per week reached 539, an 11% year-on-year increase.

Cambodia expects international tourist arrivals to reach 7.5 million by 2025, thanks to government-backed tourism campaigns and new infrastructure, including Phnom Penh Techo International Airport, which will open later this month and initially accommodate 15 million passengers a year.

Mr Lee said: “As Phnom Penh’s only operating integrated resort, NagaWorld will continue to benefit from the ongoing recovery of the tourism industry. Supported by steady economic growth, NagaWorld is well-positioned to capitalise on the growing influx of leisure and business travellers.”