NagaCorp’s Implied Q3 GGR Fell 43% as Referral VIP Slumped 83%

The company’s October 2 operational update gives only cumulative figures. NagaWorld generated $417.9 million in GGR during the first nine months of 2026, down 21.5%, while net gaming revenue fell 16.7% to $388.7 million.

Subtracting first-half GGR of $303.7 million leaves $114.2 million for July through September. The same calculation for 2025 gives almost $200.0 million, putting the implied quarterly decline at 42.9%.

VIP Losses Accelerated in Q3

The quarter looks much weaker than the nine-month percentages suggest. Based on the same subtraction:

• Premium VIP GGR was about $12.0 million, down 71.1% from $41.3 million a year earlier;
• Referral VIP GGR was about $4.5 million, down 82.9% from $26.2 million;
• Combined VIP contributed just 14.4% of Q3 GGR, down from 33.8% in Q3 2025.

NagaCorp’s first-half results had already shown pressure on high-end play, but at that point Premium VIP GGR was down 21.4% and Referral VIP 63.9%. The company linked the weakness to softer regional travel, higher airfares, fewer direct international flights and negative perceptions around online scam activity in Cambodia.

Mass Market Also Turned Lower

Mass play had been the buffer in the first half. That changed in Q3. Public-floor table GGR was about $66.3 million for the quarter, down 31.3% year on year, while EGM GGR fell 12.4% to roughly $31.5 million.

The machine figures show a different problem. Q3 EGM bills-in rose about 11.1% to $827.0 million, while GGR still declined. For the full nine months, bills-in were up 9.7% and EGM GGR was down 2.5%.

NagaCorp did not give a separate explanation for the third-quarter deterioration in its latest update. Its shares closed 13.92% lower in Hong Kong on October 5 after the nine-month numbers reached the market. The fourth quarter will show whether NagaWorld can stabilize mass-market revenue while VIP play remains under pressure.