The agency cited stronger earnings and cash flow.
Cambodia.- Moody’s Ratings has upgraded NagaCorp Ltd.’s corporate family rating from B3 to B2, citing stronger earnings and improved cash flow. The rating agency highlighted sustained growth in the Hong Kong-listed company’s business volumes and resilient performance across both mass market and premium gaming.
According to Moody’s, the rating also factors in Cambodia’s low labour costs and favourable gaming tax regime, which help maintain a competitive cost base. However, the agency flagged constraints, including NagaCorp’s single-site business model, exposure to political and regulatory risks in Cambodia and uncertainty around capital spending on expansion amid competition from other gaming operators in Asia.
NagaCorp reported gross gaming revenue of $692m and EBITDA of $404m in 2025, up 27 per cent and 39 per cent year-on-year respectively. Moody’s expects EBITDA to remain above $400m in 2026, supported by continued foreign direct investment inflows into Cambodia and steady demand from business travellers and expatriates.
NagaCorp had total debt of $184m as at December 2025. Moody’s expects debt-to-EBITDA to stay below 0.5x over 2026–2027. The company holds a strong liquidity position, with $372m in cash and deposits as of the end of 2025. Combined with projected operating cash flow of about $821m through 2027, this is expected to cover upcoming obligations, including debt repayment, capital expenditure and dividends.
The agency said uncertainty remains around the Naga 3 expansion project following the withdrawal of promoter funding, but noted that related capital risks are expected to remain manageable. It added that any revised spending plan would come in well below the original $3.5bn estimate and would be primarily financed through cash generated internally.
The agency cited stronger earnings and cash flow. Cambodia.- Moody’s Ratings has upgraded NagaCorp Ltd.’s corporate family rating from B3 to B2, citing stronger earnings and improved cash flow. The rating agency highlighted sustained growth in the Hong Kong-listed company’s business volumes and resilient performance across both mass market and premium gaming. According to Moody’s,…
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