Junket crackdown adds to woes for Cambodia's Naga casino

Loss of China VIP players raises doubts over Phnom Penh expansion

NagaWorld reported a net loss of $147 million for 2021 as pandemic-related closures battered its business. © Getty Images

SHAUN TURTON, Contributing writer

February 10, 2022 16:17 JST

PHNOM PENH -- Cambodia's NagaWorld casino is facing questions over the viability of its multibillion dollar expansion in Phnom Penh as China cracks down on junket operators and curbs the flow of Chinese high rollers to Southeast Asia.

Hong Kong-listed NagaCorp, the parent company of Cambodia's largest casino, NagaWorld, posted a 74% drop in gross gaming revenue last year, swinging to a net loss of $147 million, compared with a net profit of $102 million in 2020, according to annual earnings released this week.