Cambodian casino operator NagaCorp Ltd posted a net profit of $184.2 million last year, a 7 percent increase over the previous year, with growth largely tempered by a lacklustre surge in business volume across all gaming segments at its NagaWorld casino complex in Phnom Penh.

While still posting sizeable profits for 2016, growth was far less encouraging than the 27 percent surge in net profit registered for 2015.

Gross gaming revenue (GGR) increased 4 percent to $500.8 million, the Hong Kong-listed firm said in a filing released on Wednesday.

Total earnings reported before interest, taxation, depreciation and amortisation (EBITDA) amounted to a 12 percent upswing to $256.1 million.

The mass market segment continued to be a top growth performer, bringing in revenue of $129.7 million, an increase of 7 percent year-on-year and bolstered by an impressive 21 percent win rate at NagaWorld’s 87 public tables.

Meanwhile, the VIP segment saw only a 1 percent year-on-year growth bringing in a total $225.7 million. This is a far cry from the companies' 18.5 percent VIP growth in 2015.

NagaCorp, which revised its overseas junket incentive program in early 2016 to improve margins, said that VIP rollings increased by 11 percent to $8.7 million with a win rate of 2.6 percent.

“[This] demonstrates the success of NagaWorld’s incentive program in promoting NagaWorld to a wider range of operators and players in the region,” the company said.

“The group aspires to further penetrate the regional VIP market, by offering attractive commercial terms to junket operators and agents as a result of NagaWorld’s low cost structure,” it added.

The casino’s revenue from 1,648 electronic gaming machines (EGMs) brought in $145.5 million in 2016, up by 6 percent from the previous year. As of the end of 2016 the casino had 241 gaming tables.

NagaCorp remains bullish on its Cambodia operations, “benefiting from its appeal as a tourism destination and the abundance of business opportunities that exist in an emerging economy with political stability,” the company said.

The company also confirmed that its massive $369 million development of Naga 2 was on course for an opening this year and was currently being outfitted.

The new multiuse entertainment complex will hold approximately 1,000 hotel rooms with an additional space of 300 gaming tables and 500 electronic gaming machines (EGMs).

“The company believes that the opening of Naga 2 will further cement NagaWorld as the entertainment centre of the Mekong Region.”