• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Donaco 1H flags going concern risk, Cambodia op still shut

Mar 01, 2022 Newsdesk Latest News, Rest of Asia, Top of the deck  


Donaco 1H flags going concern risk, Cambodia op still shut

Border-casino operator Donaco International Ltd slipped to a nearly AUD8.9-million (US$6.4 million) after-tax loss in the half-year to December 31, versus a AUD42.5-million profit in the same period a year earlier, the firm said in a Monday filing to the Australian Securities Exchange.

No dividends were paid for the half-year to December 31.

The 2020 interim result had been boosted by a net gain of nearly AUD48.2 million on a non-recurring item relating to settlement of a legal dispute over ownership of Star Vegas Club and Casino (pictured) at Poipet, on Cambodia’s border with Thailand.

The group also runs Aristo International Hotel and its associated casino at Lao Cai, on Vietnam’s border with China.

Donaco has been affected by regional disruption to travel and tourism associated with the Covid-19 pandemic.

Monday’s results filing affirmed that the Star Vegas casino “has been temporarily closed since 27 April 2021”.

“The board of directors acknowledges that there is significant uncertainty over Donaco’s ability to meet its working capital requirements,” the management said in commentary with the half-year results.

It added: “In the event that Donaco is unable to raise additional capital or debt to meet working capital requirements and/or there is an extended period before the resumption of normal casino operations, then this could have a material impact on the consolidated entity continuing as a going concern.”

The firm nonetheless said it had during the period controlled its monthly “cash burn” at AUD322,000, “well in line with the targeted range”.

Interim casino revenue at Aristo International actually rose 73.5 percent year-on-year, to nearly AUD1.1 million.

Half-year earnings before interest, taxation, depreciation and amortisation (EBITDA) from casino operations at Aristo were positive by AUD230,107, compared to negative EBITDA of AUD686,767 in the prior-year period.

The management said Aristo’s positive EBITDA for the period reflected “Donaco’s pragmatic initiative to shift its focus towards attracting clientele from the local region”.

Star Vegas casino EBITDA was negative by nearly AUD1.2 million, compared to positive EBITDA of nearly AUD2.9 million in the six months to December 31, 2020.

Donaco reiterated that its loan facility with its main lender, Mega International Commercial Bank Co Ltd, had been settled on December 31, with a final US$1.8-million payment.

The casino firm said it had fully repaid borrowings amounting to AUD131.54 million, and paid down USD$6.8 million of debt during the reporting half.

“Despite swiftly paying down a loan facility, Donaco maintained a healthy cash position of AUD4.4 million” as of December 31, added the firm.


  • tweet
Related articles
  • Cambodian unionist jailed over strike tied to NagaWorld
    Cambodian unionist jailed over strike...

    May 25, 2023  

  • Rosewood brand hotel at Vietnam’s Hoiana in 2024
    Rosewood brand hotel at Vietnam’s...

    May 18, 2023  

More news
  • Much interest in state casinos sale, says Pagcor boss Tengco
    Much interest in state casinos sale,...

    May 30, 2023  

  • Dividend restart still far for Macau ops: JP Morgan
    Dividend restart still far for Macau...

    May 30, 2023  


Latest News

Much interest in state casinos sale, says Pagcor boss Tengco

Much interest in state casinos sale, says Pagcor boss Tengco

May 30, 2023  

Alejandro Tengco (pictured in a file photo), chairman and chief executive of the Philippine casino regulator, the Philippine Amusement and Gaming Corp (Pagcor), has told GGRAsia it has already had...
Read More
Dividend restart still far for Macau ops: JP Morgan

Dividend restart still far for Macau ops: JP Morgan

May 30, 2023  

Gaming industry in for a very exciting period: Bill Miller

Gaming industry in for a very exciting period: Bill Miller

May 30, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


6,000

Total number of visitors expected at the Global Gaming Expo (G2E) Asia 2023 Special Edition: Singapore, running from May 30 to June 1



Most Popular

  • Cotai Expo hotel extra to licence capex, says GoldsteinCotai Expo hotel extra to licence capex, says Goldstein May 29, 2023
  • Ian Coughlan out of Wynn Macau Ltd board, Cameron-Doe inIan Coughlan out of Wynn Macau Ltd board, Cameron-Doe in May 29, 2023
  • Londoner Macao to host Harry Potter exhibition in DecLondoner Macao to host Harry Potter exhibition in Dec May 29, 2023
  • Londoner Macao pulls in foreigners and Chinese: LVS CEOLondoner Macao pulls in foreigners and Chinese: LVS CEO May 25, 2023
  • Suntrust agrees to US$6mln loan from chairman Andrew LoSuntrust agrees to US$6mln loan from chairman Andrew Lo May 29, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us