Sep 29, 2022 Newsdesk Latest News, Top of the deck, World
Australia-listed casino operator Donaco International Ltd says its DNA Star Vegas (pictured), a gaming resort in Poipet, Cambodia, “was presented with its casino licence” on August 19. The new permit “will expire on 31 December 2026,” said the company in its annual report published on Wednesday.
DNA Star Vegas, on the border with Thailand, closed in April 2021 and only reopened in mid-June this year.
DNA Star Vegas’ revenue in the latest financial year was AUD1.0 million (US$645,615), down 89.5 percent on the prior financial year. Net gaming revenue amounted to AUD0.8 million.
The property’s earnings before interest, taxation, depreciation and amortisation – excluding non-recurring items – was a negative AUD1.5 million, versus positive EBITDA of AUD4.2 million on the prior year.
Donaco slipped to a nearly AUD16.7-million loss in the financial year to June 30, compared to a profit of AUD24.9 million in the prior 12 months.
In the annual report, Donaco’s chairman Porntat Amatavivadhana said despite the challenges brought by the Covid-19 pandemic, the firm “continued to strive to protect” its “business sustainability”.
“With Star Vegas back to operation since 18 June 2022, we believe that Donaco will recover its performance and prevail during this pandemic,” he added.
After completing the settlement of a US$100-million loan facility with Mega International Commercial Bank Co Ltd earlier this year, Donaco said it got a shareholder loan facility of US$12.8 million.
The company said it drew down US$2.2 million under the new loan between July and September. “However, in August 2022, an amount of US$0.3 million was repaid to the lender, as the DNA Star Vegas casino has generated sufficient funds following the resumption of limited operations on 18 June 2022,” it added.
A further US$0.2 million “is expected to be repaid in late September 2022,” noted the company.
Donaco also runs the Aristo International Hotel and associated casino at Lo Cai, on Vietnam’s border with China.
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