Donaco said Covid-19 challenges remained during the quarter.
Australia.- Donaco International has shared its financial results for the three-month period ending June 30. Its EBITDA loss narrowed to AU$760,000 (US$531,237) from a negative AU$1.37m in the prior quarter. Net revenue was AU$1.07m (US$747,000).
The company revealed that the board had approved a loan facility for AU$7m (US$5m) from Techatut Sukcharoenkraisri, Donaco’s CEO and executive director, to preserve cash and protect the company’s balance sheet.
According to the group, the loan was judged to be the best funding source to guarantee the company remains in a sustainable position while operations are limited and to assist in the transition towards total operational capacity.
The Star Vegas casino resumed operations on June 18 when the Cambodian government lifted the temporary closure that started on April 27, 2021. Meanwhile, Aristo Casino in Vietnam, which started limited operations on May 8, 2020, was recently recognised by the Lao Cai ministry of culture, sports and tourism as the only five-star hotel in Lao Cai City, Vietnam.
The company said the endorsement is valid for 5 years and is a great opportunity to attract new customers in the long term, as the new Sapa airport in Lao Cai is under construction with a capacity of 1.5 million passengers per year.
Donaco’s non-executive chairman, Porntat Amatavivadhana, stated: “The highlight of the Quarter was the reopening of Star Vegas with the goal to return to full-scale operations as conditions improve. It will take some time before activities return to how they were before, but these external factors are a huge step forward.
“With our business slowly resuming and the loan facility under our belt, we are in a stable position to protect the balance sheet. We are optimistic about Donaco’s future as vaccination rates and international travel patterns continue to improve.”