Donaco International Ltd, an operator of a border casino in Cambodia and a border casino in Vietnam, reported net revenue of AUD10.03 million (US$6.45 million) in the first three months of 2025, compared to AUD12.65 million in the prior-year period. Revenue was down from AUD10.90 million from the prior quarter.
The Australia-listed firm said in a Tuesday filing that group-wide earnings before interest, taxation, depreciation and amortisation (EBITDA) stood at AUD4.10 million in the reporting period, down nearly 48.0 percent from a year earlier, and a 28.9-percent decrease sequentially.
At the group’s main operation, DNA Star Vegas resort (pictured in a file photo) at Poipet, on Cambodia’s border with Thailand, property EBITDA fell by 43.1 percent year-on-year, to AUD3.48 million.
DNA Star Vegas reported net revenue of AUD6.28 million in the firm’s financial-year third quarter, versus AUD8.81 million a year ago.
Donaco also runs the Aristo International Hotel at Lao Cai, in Vietnam, near that country’s border with China.
Aristo’s net revenue in the opening three months of 2025 stood at AUD3.75 million, down 2.3 percent from the prior-year period.
Property level EBITDA at Aristo was down 8.7 percent year-on-year, at AUD2.31 million.
Donaco’s non-executive chairman, Porntat Amatavivadhana, was cited as saying in the Tuesday announcement: “Despite continuing to report robust visitation numbers and applying stringent financial management, the operating environment proved challenging in the March quarter.”
“Aristo continued to perform steadily during the quarter, reporting revenue growth and stable EBITDA. We also continued to see visitation numbers grow with higher levels of tourism in the region following reduced border restrictions and government tourism campaigns,” added the executive.
In mid-March, Donaco announced it had signed an agreement with one of its investors – a Hong Kong-based investment fund – for the latter to acquire 100 percent of Donaco’s shares.
Donaco stated at the time that it had “entered into a binding scheme implementation deed with On Nut Road Ltd” for the latter’s “proposed acquisition of 100 percent of the shares in Donaco that it does not already own, via a scheme of arrangement for AUD0.045 [US$0.028] cash per Donaco share.”
On Nut Road is described as a special purpose vehicle managed by Argyle Street Management Ltd, a Hong Kong licensed fund manager. On Nut Road had been an investor in Donaco since 2019, currently holding 12.84 percent of Donaco’s issued capital.
The Donaco board “continues to unanimously recommend that Donaco shareholders vote in favour of the scheme,” the filing stated.
For the deal to proceed, it must be approved by Donaco’s shareholders in a meeting proposed for June 3. It must also receive court approval. If there are no setbacks, the deal could be implemented by June 18, according to a tentative timeline outlined in March by Donaco.
