Donaco posts net revenue of US$4.628m for Q2

The company has reported EBITDA of AU$2.40m (US$1.61m) for the second quarter.

Australia.- Donaco International has shared its financial results for the second quarter of the year. It’s reported that net revenue declined from AU$7.6m (US$5.1m) to AU$6.9m (US$4.62m) in quarter-on-quarter terms.

Donaco’s earnings before interest, taxes, depreciation and amortisation (EBITDA) decreased from AU$4.1m (US$2.75m) to AU$2.4m (US$1.61m). However, the company noted a sustained improvement since the June 2022 quarter, when Donaco’s EBITDA was negative AU$0.8m with revenue of AU$1.1m due to limited activity amid Covid-19 restrictions. 

DNA Star Vegas in Cambodia produced net revenue of AU$4.37m (US$2.93m) for the second quarter and EBITDA of AU$1.81m (US$1.23m). Donaco said this “was impacted by an anomalous VIP win rate and non-recurring audit adjustments. This in conjunction with a renewed focus on maximising operational efficiencies.”

Meanwhile, revenue from Aristo Casino in Vietnam rose from AU$1.26m (US$840,000) to AU$2.51m (US$1.68m) in quarter-on-quarter terms. The property’s EBITDA rose to AU$1.31m.

The casino operator said that as of May 2023, China has been Vietnam’s fastest-growing tourism market but that numbers still remain below pre-Covid-19 levels.

Donaco’s non-executive chairman, Porntat Amatavivadhana, said: “The June quarter marked an important step for Donaco as we reach a return to full-scale operations. 

“Pleasingly, the outlook for our business remains promising. Travel inflows from China to Vietnam are expected to continue to ramp up and the Cambodian government recently launched a major tourism campaign to attract Thai visitors, which is highly encouraging for our Star Vegas casino. 

“Backed by a healthy balance sheet and a clear line of sight towards enhanced operational efficiencies, we are well placed to capitalise on the emerging opportunities ahead and deliver long-term value for our shareholders.”