Donaco posts full-year net revenue of US$26.83m

Net revenue was up 62.5 per cent in year-on-year terms.

Australia.- Donaco International has reported that revenue for the fiscal year 2024 was AU$39.5m (US$26.83m), up 62.5 per cent year-on-year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) was AU$22.2m (US$15.08m), up 131 per cent.

The company said it had maintained stringent financial management. It posted a profit attributable to the owners of AU$37.1m (US$25.2m), versus a AU$36.7m (US$24.92m) loss in the financial year ending June 2023.

DNA Star Vegas in Cambodia produced net revenue of AU$25.6m (US$17.39m), up 28.9 per cent year-on-year, and EBITDA of AU$16.6m (US$11.27m), a 54.1 per cent improvement. Revenue from Aristo Casino in Vietnam rose by 214.9 per cent to AU$13.8m (US$9.37m) and EBITDA rose 453.5 per cent to AU$8.4m (US$5.71m). The casino operator said VIP turnover increased 182 per cent year-on-year. Room occupancy grew from 30 per cent to 60 per cent.

Donaco’s non-executive chairman, Porntat Amatavivadhana, said: “FY24 was a period of solid growth and financial performance for Donaco, as the Company continued to streamline its operations and attract more visitors.

“The success of local government initiatives aimed at boosting international tourism greatly benefitted our performance, leading to notable increases in visitation and gaming turnover, with Aristo significantly surpassing last year’s results.

“While we are very pleased by the latest results and remain committed to executing our strategy, we are currently evaluating potential disruptors such as the proposed Integrated Entertainment Business Act in Thailand and the separate Aristo tax audit, as we navigate Southeast Asia’s evolving gaming landscape.”

The company noted that the possible legalisation of casinos in Thailand could impact on Donaco’s Star Vegas operations and cross-border tourism in the region.

“Donaco is currently evaluating the possible effects this development could have on the business. At present, there is no impairment to Donaco’s financials. However, should the bill pass, future implications may require re-evaluation, especially considering that the majority of Star Vegas’s customers are from Thailand. Donaco will continue to monitor the situation closely and assess any potential impacts on its operations,” the company said.