Donaco posts net revenue of US$12.63m for first half of FY24

Donaco’s net revenue was up 96 per cent in year-on-year terms.

Australia.- Donaco International has shared its financial results for the first six months of the financial year 2024. The company reported net revenue of AU$19.45m (US$12.63m), up 96 per cent year-on-year, and EBITDA of AU$10.79m (US$7m).

Donaco recorded a net profit after tax of AU$5.7m (US$3.7m). During the same period last year, it had reported AU$36.74m (US$23.87m) in losses. The company attributed the growth to the reopening of international borders.

DNA Star Vegas in Cambodia posted net revenue of AU$13.36m (US$8.68m) and EBITDA of AU$8.72m (US$5.66m). The casino venue reported an average daily visitation of 891 players for the first half of the fiscal year thanks to increased tourism from Cambodia after the lifting of Covid-19 restrictions.

Aristo International Hotel in Vietnam recorded net revenue of AU$6.09m (US$3.96m) and EBITDA of AU$3.47m (US$2.25m). 

Paul Porntat, Donaco’s non-executive chairman, said: “Donaco’s success in the first half of the year is a testament to our effective turnaround strategy, bolstered by operational execution and an influx in tourism and visitations across our venues. 

“Our commitment to improved performance and operational management resulted in increased growth, contributing to a robust balance sheet across our business. The positive impact of the recently launched Cambodian Government campaign to attract Thai visitors has significantly benefited Star Vegas. While Aristo commenced a campaign to attract VIP visitors, which also led to increased revenue. 

“Following an outstanding 1H FY24, Donaco remains well-placed for sustained growth in the second half of this financial year. Our commitment to executing our strategy, coupled with leveraging international tourism, positions Donaco to deliver solid results.”

The company said it is in a strong position, backed by a robust balance sheet and growing visitation numbers to its casinos. It said Aristo would benefit from the construction of the Sapa Airport in the region, due to open in 2025.

Donaco’s Star Vegas operation is expected to see more inbound international visitors following a recent tourism campaign led by the Cambodian Government. It is also exploring tour groups and implemented a membership loyalty program in January.