TLDR S&P Global Ratings expects NagaCorp’s adjusted revenue to grow between 3% and 8% through 2027. The company keeps its B+/Stable rating from S&P, with vulnerable business risk and intermediate financial risk. NagaCorp holds a gaming monopoly in Phnom Penh until 2045, covering a 200-kilometre radius. Gross gaming revenue is expected to rise 27% in 2025, reaching $692 million. The $3.5 billion Naga 3 project may be rescaled, with spending set to resume in 2027.
S&P Global Ratings says NagaCorp Ltd is on track for adjusted revenue growth of 3% to 8% across 2026 and 2027. The Hong Kong-listed company runs casinos in Cambodia.
S&P kept its rating at ‘B+/Stable/–’. The agency described the company as vulnerable on business risk and intermediate on financial risk. It said the note was not a rating action.
Strengths and Risks Facing the Casino Operator
NagaCorp holds the only gaming license in Phnom Penh until 2045. That monopoly covers a 200-kilometre radius around the Cambodian capital.
The company also operates in a jurisdiction with low gaming taxes. S&P said this gives it an edge over rivals in other markets.
Still, the agency pointed to some risks. These include limited clarity on how the company will fund future projects and dividends.
NagaCorp also has narrow revenue and geographic diversity. It faces competition from gaming markets in Malaysia and Macau.
Gross gaming revenue is expected to grow 27% in 2025, reaching $692 million. Mass-market play drove much of that growth, with revenue in that segment rising 23% to $485 million.
Non-gaming revenue made up less than 5% of the total in 2025. S&P said this narrow mix adds to the company’s business risk in an emerging market.
Reported revenue and earnings in 2025 were still well below pre-pandemic levels. Revenue reached 41% of