ASX-listed Donaco International Ltd reported net revenue of AU$10.3 million (US$6.4 million) for the December 2024 quarter, up 5.9% year-on-year and marginally higher than the September quarter due to steady growth at its Cambodian border casino Star Vegas, located in Poipet.
According to information filed Friday, Star Vegas generated net revenue of AU$6.57 million for the quarter, up from AU$6.12 million a year earlier, with Property Level EBITDA rising 16.9% year-on-year to AU$4.22 million. Average daily visitation of 957 players was up from 861 a year earlier and 941 in the September quarter.
At Donaco’s other casino, Aristo International in northern Vietnam, net revenue grew 3.3% year-on-year but fell 2.7% quarter-on-quarter to AU$3.73 million. Property level EBITDA of AU$2.31 million was slightly up on the same period in 2023 but down from AU$2.52 million in the September quarter.
The company’s Non-Executive Chairman, Porntat Amatavivadhana, said, “Donaco has reported another consecutive quarter of stable earnings and performance across the Group, while continuing to implement operational synergies.
“The December Quarter enabled Donaco to strengthen its cash position which now stands at AU$36.26 million, reflecting a 10% increase over the previous quarter. This increase is attributable to a steady performance across our operations, combined with the ongoing execution of stringent cost control measures.
“Focusing on Aristo, the operation performed consistently with previous quarters and demonstrated improvement over the last year. There is no further update on the outcome of the legal proceedings to challenge the validity of Vietnam’s General Department of Taxation following its decision to impose tax on unredeemed chips held at Aristo. We will continue to keep our shareholders informed as more information comes to light.
On concerns over the potential impact of Thailand’s draft casino bill on Star Vegas, Porntat added, “We are actively monitoring developments in Southeast Asia’s evolving gaming industry landscape, including the Thailand Government’s proposed Draft Entertainment Complex Business Act, and will continue assessing its potential impact on our DNA Star Vegas operations.”
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