Citi: Lowers NagaCorp (03918.HK) target price to HK$4.1, third-quarter gaming revenue below expectations

Citi released a research report stating that NagaCorp (03918.HK) recently announced key operating metrics for the third quarter of this year, with total gaming revenue falling 43% year-on-year to US$114.2 million, about 15% below the bank's expectations. The bank believes that external factors such as the Thailand-Cambodia border conflict and security concerns over telecom fraud, as well as a reduction in direct flights to Cambodia, continue to weigh on gaming demand at NagaWorld.