Donaco posts net revenue of US$7.08m for Q4
Net revenue was up 57 per cent year-on-year but down 15 per cent sequentially.
Australia.- Donaco International has shared its financial results for the second quarter of the year. It’s reported that net revenue was AU$10.8m (US$7.08m), down 15 per cent in quarter-on-quarter terms but up 57 per cent year-on-year.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) was AU$6.34m (US$4.15m), up 164 per cent compared to the same quarter of 2023. The casino operator noted an increased average daily visitation across both of its operations following visitor retention and government tourism campaigns.
DNA Star Vegas in Cambodia produced net revenue of AU$6.84m (US$4.45m) and EBITDA of AU$4.65m (US$3.02m). The company said average daily visits reached 1,019, compared to 872 in Q1. It attributed this growth to its membership loyalty programme, which began in January.
Revenue from Aristo Casino in Vietnam rose from AU$3.84m (US$2.5m) to AU$3.97m (US$2.58m) in quarter-on-quarter terms. The property’s EBITDA declined to AU$2.47m (US$1.60m). Average daily visitation increased from 246 to 291 players sequentially.
Donaco’s non-executive chairman, Porntat Amatavivadhana, said: “Donaco has consistently reported robust financial and visitation numbers following stable quarters across our operations. In this period we’ve stabilised our operations and focus on providing a high-quality experience to our customers. This is evidenced by the improving average daily visitation across both Star Vegas and Aristo.
“Star Vegas recorded stabilised property-level EBITDA and net revenue figures. A higher-than-usual VIP Win Rate impacted Star Vegas; however, our turnaround strategy minimised operating expenses through a period of stronger visitation.
“Meanwhile, Aristo reported high visitation levels in line with the March Quarter and an increase in net revenue over the period. A minor surge in operating expenses impacted Aristo and, unfortunately, affected the operation’s property-level EBITDA. However, we are confident in Aristo’s long-term potential, in light of the opening of the new Sapa airport in 2025.”
On 28 March 2024, the Thailand government voted in favour of a study by a panel of lawmakers to allow casinos to operate within large entertainment complexes in the country. The study will be submitted to the cabinet for a decision on the suitability of legalising casinos in Thailand.
Donaco said: “The legalisation of casinos in the country may impact Donaco’s Star Vegas operations and cross-border tourism in the region. Donaco is assessing the possible effects this development could have on the business.”
