For the fiscal year ending 2025, NagaCorp Ltd experienced incredible financial results. The company‘s net profit doubled to US$309.9 million compared to a net profit of US$109.6 million for the fiscal year ending December 31, 2024. A significant contributor to the growth of profits was an absence of the non–cash impairment of US$89.1 million for the firm‘s suspended Vladivostok project.
Group revenue increased by 26.2% year-on-year to US$709.7 million, while EBITDA surged to US$404.4 million from US$202.8 million. Profitability with EBITDA margins reached 57.0% and net profit margins rising to 43.7%.
NagaCorp will pay shareholders an interim dividend of US$0.0109 per share, total US$48.3 million, representing a payout ratio within the company’s dividend policy of 30% for the period of the second half of the year. In so doing, NagaCorp has indicated confidence in providing returns to shareholders as it pursues continued investment in growth and expansion initiatives, such as the proposed development of Naga 3, although there have been prior changes to the company’s proposed funding strategy.
Gross revenue from NagaWorld increased by 27.4% to US$691.6 million for the year 2025. Mass-market gaming revenues at table games increased 27.2% to US$342.4 million and revenues from electronic gaming machines increased 13.5% to US$142.6 million. The growth of gross gaming revenue was attributed to an increased number of players as well as improved rates of wins for players. The introduction of side bet features increased the gross gaming revenue of the NagaWorld facility and contributed approximately US$39 million in additional gross gaming revenue in 2025.
In addition, premium segments exhibited significant momentum. High-limit mass gaming increased its percentage share of total mass table gaming revenue. NagaCorp’s VIP operations experienced strong growth, with house-managed VIP revenues, which increased from US$103.1 million in 2024 to US$136.2 million in 2025, representing an increase of 32.1%. The house-managed increase was driven primarily by increased rolling volumes for VIP players. Total referral VIP revenues increased by 57.2% to US$70.4 million.
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