Consistent growth and high dividends

Highly competitive position

• Monopoly license - Exclusivity within 200km radius of Phnom Penh until 2045
• Long tenure - 70 year licence to 2065
• Unique features - No restrictions on number of tables, Electronic Gaming Machines (EGM) and gaming space
• Competitive tax structure - Competitive corporate tax rate and the lowest gaming tax in the region

Attractive growth prospects

• Double-digit compounded annual revenue growth
• Capacity expansion in Phnom Penh - Naga 2 opened in November 2017; US$3.5bn Naga 3 project expected to complete in 2025
• Key drivers - Growing tourism and business visitation, as well as increasing demands from domestic consumption

Strong financial track record

• High profitability - Emphasis on high margin Mass Market; low labour cost environment
• Relatively low net debt to equity ratio compared to peers' average
• Industry leading ROA and ROIC
• Consistent and high dividend payout - average 60% payout; over US$1bn dividends distributed since IPO

Robust corporate governance

• Robust governance framework
• US$ based earnings and reporting
• Financial Action Task Force (FATF) compliant anti-money laundering practices
• Comprehensive AML/ anti-corruption policies and procedures