Industry Revenues:

• Gambling and casino operations: approx. 85%
• Hotel and hospitality industry: approx. 10%
• Other services: approx. 5%

TOP 3 Markets and their Percentage Shares:

• Cambodia: approx. 70%
• China: approx. 20%
• Other Asian countries: approx. 10%

NagaCorp Ltd. generates the majority of its revenues from gambling and casino operations, with Cambodia being the main market, particularly through the NagaWorld complex in Phnom Penh. China represents a significant market, mainly due to the influx of Chinese tourists and players. Other Asian countries also contribute to the revenue, but to a lesser extent.

Production Location: Cambodia

NagaCorp Ltd. is a leading gambling and hotel company that mainly operates in Cambodia. The company runs the NagaWorld complex in Phnom Penh, which includes both a casino and a hotel. NagaCorp's main focus is on providing gambling and entertainment services, and it does not produce physical products in the traditional sense. All services and offerings are provided directly on-site in Cambodia.

Revenue Growth: Estimated 8-10% annually (2026)

Expansion Strategy: Expansion of gambling and hotel capacities

NagaCorp Ltd., a leading company in the gambling and hospitality industry in Cambodia, pursues a strategy of continuous growth through expansion and diversification. The company plans to expand its capacities in the region by expanding existing facilities and developing new projects. A key part of this strategy is the expansion of the NagaWorld complex to attract more guests and increase gambling revenue.

Furthermore, NagaCorp is focusing on diversifying its sources of income by expanding non-gambling offerings, such as upscale dining and entertainment options, to appeal to a broader audience. These measures are intended not only to promote customer growth but also to reduce dependence on gambling revenues.

The strategic focus on sustainable growth and the exploration of new markets in Southeast Asia are central elements to strengthen NagaCorp's market position in the coming years.

Main raw materials: Building and furnishing materials, food, beverages
Countries of origin: China, Vietnam, Thailand

NagaCorp Ltd., as operator of hotel and casino facilities, mainly imports building and furnishing materials for the expansion and renovation of its facilities. These materials mainly come from China, due to proximity and cost-effective production.

In addition, the company imports food and beverages for the operation of its catering facilities. These are often sourced from neighboring countries Vietnam and Thailand to diversify culinary offerings and integrate local flavors.

This import strategy enables NagaCorp to optimize costs and at the same time source high-quality materials and products to meet the high demands of its international clientele.

Market share in Cambodia: Over 50% (2025) EBITDA margin: 40% (2025) Monopoly position in Phnom Penh: Exclusive license until 2045

NagaCorp Ltd. holds a significant competitive advantage through its exclusive casino license in Phnom Penh, valid until 2045. This secures the company a monopolistic position in Cambodia's largest market, allowing it to maintain a large market share of over 50%.

The 40% EBITDA margin demonstrates the strong profitability of the company, supported by low competition and a strong market position. These factors contribute to a sustainable competitive advantage, as new market entrants would face significant barriers to enter this market.

Additionally, NagaCorp benefits from the growing tourism industry in Cambodia, supported by infrastructure investments and an increasing number of international visitors. This reinforces the company's long-term growth strategy.

Institutional Investor Share: Estimated at around 30-35% (2026)

Insider Buys/Sells: No significant transactions in the last year (2025)

The institutional investor share in NagaCorp Ltd. is estimated to be between 30 and 35 percent. This is typical for companies in the gambling industry, which are often monitored by specialized investment funds and institutional investors.

In 2025, there were no significant insider transactions, indicating that the management and major shareholders are currently not making any significant changes to their holdings. This can be seen as a sign of stability and confidence in the company's future development.

Market share of NagaCorp Ltd.: Estimate 12% (2026)

Top competitors and their market share:

1. Las Vegas Sands Corp.: 18%
2. MGM Resorts International: 15%
3. Wynn Resorts Ltd.: 14%
4. Galaxy Entertainment Group: 13%
5. NagaCorp Ltd.: 12%
6. Melco Resorts & Entertainment: 11%
7. SJM Holdings: 9%
8. Genting Group: 8%
9. Caesars Entertainment: 7%
10. Crown Resorts: 6%

NagaCorp Ltd. holds a solid market share in the Asian gambling market, particularly due to its strong presence in Cambodia. The company's moat mainly lies in its monopoly position in Phnom Penh, where it is the only integrated resort with a casino license. This gives NagaCorp a significant advantage over its competitors operating in more regulated and competitive markets.

However, compared to other companies, NagaCorp has a less diversified geographical footprint. Larger competitors like Las Vegas Sands and MGM Resorts have a broader international presence, providing them with better risk diversification and access to different markets. This diversification can be seen as a stronger moat, making the companies more resilient to regional economic fluctuations.

Revenue Growth: Estimated at 8% (2025) Profit Growth: Estimated at 10% (2025) Market Share: Strong presence in Cambodia

NagaCorp Ltd. has shown solid revenue and profit growth in recent years, particularly due to its dominant position in the gambling market in Cambodia. The company benefits from the increasing tourism industry in the region and the growing demand for entertainment offerings.

NagaCorp's expansion plans, including expanding its existing facilities and entering new markets, could further support future growth. Additionally, the company has demonstrated a strong balance sheet and healthy liquidity position in the past, enabling it to invest in new projects and better withstand economic fluctuations.

Given these factors, NagaCorp Ltd. could present an attractive investment opportunity, especially for investors interested in the expansion of the Asian gambling market. However, it is advisable to consider the political and regulatory risks in the region that could impact the business environment.

Dividend Yield: Estimate 5-7% (2026 based on historical data)

Dividend History: Regular payouts in recent years

NagaCorp Ltd. has regularly distributed dividends in the past, indicating a reliable dividend policy. The dividend yield has typically been between 5% and 7% in recent years, depending on annual profits and corporate strategy.

The reliability of dividend payments is closely linked to the financial performance and regulatory framework in the markets where NagaCorp operates. Historically, however, the company has pursued a stable payout policy. Analysts expect NagaCorp to continue striving to pay attractive dividends in the future, provided there are no significant economic or regulatory challenges.