Breaking Down NagaCorp Ltd. Financial Health: Key Insights for Investors

Founded in 1995 and listed on the Hong Kong Stock Exchange as 3918.HK, NagaCorp Ltd. stands as the operator of NagaWorld-the only world-class integrated resort in Phnom Penh-anchoring its claim as a major economic engine and one of Cambodia's largest private employers with a workforce that is 93% Cambodian; in 2024 the company delivered an impressive 205,043 hours of targeted training (an 8% rise from 2023) while committing to reinvest 15% of annual profits into community and environmental initiatives and pledging carbon neutrality by 2025, a track record of growth, social impact and workplace recognition (ranked 46th on Fortune's inaugural Southeast Asia list) that underpins its mission to expand into Indo-China markets, capture customers across Malaysia, Singapore, China, Vietnam and Thailand, and scale hotel, dining and entertainment offerings to convert rising regional affluence into long-term shareholder and national benefits.

NagaCorp Ltd. (3918.HK) - Intro

NagaCorp Ltd. (3918.HK) is a leading integrated resort operator in the Mekong Region, established in 1995 and listed on the Hong Kong Stock Exchange. The company owns and operates NagaWorld, the only world-class integrated entertainment and leisure complex in Phnom Penh, Cambodia. Over three decades, NagaCorp has grown into one of the nation's largest private employers and a material contributor to Cambodia's socio-economic development.

• Established: 1995
• Listing: SEHK (Ticker: 3918)
• Flagship asset: NagaWorld - sole world-class integrated resort in Phnom Penh
• Regional focus: Mekong Region, with emphasis on Cambodia

Mission

To deliver best-in-class integrated resort and hospitality experiences that elevate Cambodia's tourism and entertainment profile while generating sustainable economic and social value for stakeholders.

Vision

To be the preeminent integrated resort operator in Southeast Asia, driving long-term growth through operational excellence, responsible development and inclusive opportunities for the communities we serve.

Core values

• Integrity - ethical governance and transparency in operations
• People-first - investing in local talent and inclusive employment
• Excellence - high standards in service, safety and customer experience
• Community impact - sustainable contributions to socioeconomic development
• Innovation - continuous improvement across hospitality and entertainment offerings

Workforce and human capital highlights

NagaCorp's workforce composition and development metrics underscore its commitment to local employment and skills growth:

• Local employment: 93% Cambodian nationals
• Diversity: 7% representing 33 other nationalities
• Training: 205,043 hours of targeted training delivered in 2024 - an 8% increase from 2023
• Recognition: Ranked 46th on the inaugural Fortune 100 Best Companies to Work For™ Southeast Asia list (2025)

For deeper financial context and investor-focused metrics, see: Breaking Down NagaCorp Ltd. Financial Health: Key Insights for Investors

NagaCorp Ltd. (3918.HK) - Overview

• Provide high‑quality entertainment and gaming experiences in a responsible and sustainable manner.
• Prioritize customer satisfaction, operational excellence and community engagement to sustain long‑term growth.
• Aim to become a world‑class Indo‑China casino operator, targeting growth opportunities in Thailand and Vietnam alongside core operations in Cambodia.

• Community reinvestment: commit 15% of annual profits to community development and environmental protection initiatives.
• Environmental target: pledged to achieve carbon neutrality by 2025, integrating emission reduction and offset measures across operations.
• Product diversification: expanded beyond gaming to luxury hotels, fine dining and integrated resort amenities to drive higher spend per visitor and broaden appeal.

• Integrated resort model: combining gaming, hospitality, F&B and entertainment to increase length of stay and spend per visitor.
• Sustainability integration: embedding ESG considerations into capex planning and daily operations to reach the 2025 carbon neutrality goal.
• Community alignment: channeling 15% of profits into local projects to strengthen social license and regional development.

• Profit allocation (%): 15% of annual profits → community & environment.
• Carbon roadmap: GHG reductions (tCO2e) targets, renewable energy share, and offset volumes to be achieved by 2025.
• Visitor metrics: average daily visitors, length of stay, and non‑gaming revenue per visitor (tracked year‑over‑year to quantify diversification effects).

NagaCorp Ltd. (3918.HK) Mission Statement

• Drive revenue growth via capital market access, including optimizing proceeds and visibility from successful equity offerings and investor relations activities.
• Expand regional market share across Malaysia, Singapore, China, Vietnam, and Thailand by leveraging favorable tax and regulatory positions afforded by its Cambodian operations.
• Build a strong, trusted brand through nation‑building initiatives, local employment, infrastructure investment, and cultural partnerships.
• Develop into a leading Indo‑China casino and integrated‑resort operator, capitalizing on rapid economic growth and rising inbound/outbound travel across Southeast Asia.
• Target a high‑value customer cohort-an identified group of up to 6 million ethnically Chinese customers with estimated incomes in the US$100,000-US$1,000,000 bracket-through premium gaming, hospitality, entertainment, and loyalty offerings.

• Revenue and profitability: increase EBITDA margin and aggregate revenue year‑on‑year by optimizing VIP, premium mass, and non‑gaming revenue streams (hotels, F&B, entertainment, retail).
• Market penetration: grow key feeder market share (Malaysia, Singapore, China, Vietnam, Thailand) through targeted marketing, travel facilitation, and promoter networks.
• Brand & nation‑building: invest in local infrastructure and social projects to strengthen governmental and community partnerships and secure long‑term concession value.
• Asset expansion: evaluate selective regional expansion and complementary non‑gaming assets to diversify revenue and capture tourism growth corridors.

• Leverage IPO and capital markets to fund property upgrades, marketing, and potential regional investments while maintaining disciplined capital allocation.
• Enhance premium offerings (high‑limit gaming, exclusive F&B, luxury accommodations, concierge & travel facilitation) to capture the upper‑income cohort.
• Strengthen cross‑border travel partnerships (airlines, tour operators) and digital marketing in Mandarin/Thai/Vietnamese/Malay/English to increase inbound visitation.
• Deepen community and governmental engagement through infrastructure projects, employment programs, and tourism development to reinforce concession security and brand reputation.

NagaCorp Ltd. (3918.HK) - Vision Statement

• Integrity: transparency, compliance and ethical conduct underpin operations, governance and stakeholder engagement.
• Customer centricity: a relentless focus on guest experience across gaming, hospitality, F&B and entertainment offerings.
• Innovation: continuous investment in digital platforms, property upgrades and service models to sustain competitive advantage.
• Community engagement: active support for local employment, training and social programs to strengthen community ties.
• Sustainability: operational measures to reduce environmental footprint and promote responsible tourism.

• Integrity & governance - ongoing disclosure improvements, board oversight and compliance frameworks aligned to HKEX and international standards.
• Customer experience - phased property refurbishments and digital service rollouts aimed at increasing guest satisfaction and repeat visitation rates.
• Innovation metrics - investment in technology and guest analytics to lift spend per visitor and optimize operations.
• Community impact - recruitment targets prioritizing local hires and vocational training slots for youth from surrounding provinces.
• Sustainability goals - energy, water and waste reduction programs with progress tracked against baseline year metrics in corporate reporting.