Error message

  • Notice: Trying to get property of non-object in template_preprocess_imageblock_content() (line 349 of /home/agbrief/agb/sites/all/modules/imageblock/imageblock.module).
  • Notice: Trying to get property of non-object in template_preprocess_imageblock_content() (line 349 of /home/agbrief/agb/sites/all/modules/imageblock/imageblock.module).

Donaco FY17 profit down on non-recurring items

Australia-listed Donaco International reported a 60.6 percent decline in net profit in FY17 compared to the prior-year, due to a number of non-recurring items.

Net-profit-after-tax for the year fell to A$31 million (US$24.7 million) in FY17, down from A$78.7 million in FY16.

Donaco said that the fiscal year saw merger and acquisition costs, working capital facility costs and a final management fee payable to its Thai partner at Star Vegas, resulting in A$24.1 million in non-recurring costs.

The previous fiscal year also saw a one-off Star Vegas valuation uplift of A$55.2 million.

Total revenue fell 4.8 percent to A$136.4 million, down from A$143.4 million in the previous fiscal year.

Donaco noted that Aristo’s EBITDA was up 40 percent to RMB 74.8 million, “as this business continues to benefit from management initiatives to increase mass market visitation, while reducing exposure to the volatile VIP segment.”

Slot machine revenue went up 62 percent to RMB14.9 million due to a strong increase in visitation to the property.

Star Vegas however, saw EBITDA go down 6 percent to THB2.1 billion, due to weaker consumer sentiment and economic conditions in Thailand. Gaming revenue at the property fell 7 percent in the period.

The operator however noted that with Star Vegas now under Donaco management control, there will be “great flexibility in marketing and gaming activities,” and that it expects visitation to improve after the mourning period (for the King of Thailand) ends in October 2017.

As a result of moving management of the casino in-house, deputy CEO Att Asvanund is stepping down from the business on August 31, 2017.

Donaco has appointed Kenny Bee as the general manager at Star Vegas.

More news from this jurisdiction

AustraliaTuesday, Jan 16, 2018

British bookmaker William Hill is considering the sale of its Australia business, citing rusing costs and mounting regulatory pressures.

AustraliaTuesday, Jan 16, 2018

A new agreement signed between Victoria police and international integrity body ESSA (Sports Betting Integrity) is set to assist authorities in targeting suspicious betting activity and deter betting-related match-fixing.

AustraliaTuesday, Jan 09, 2018

The Tasmanian Liberal Party has promised to keep poker machines in Tasmanian pubs and clubs if it is returned to power in the upcoming March election.

AustraliaFriday, Jan 05, 2018

Geoff McDowell, the managing director for Asia Pacific and global gaming general manager, at SUZOHAPP, left his position at the end of the year to take up a senior position an an unnamed company nearer to his hometown of Melbourne.

AustraliaWednesday, Jan 03, 2018

Aristocrat has launched a new Game of Thrones slot machine game, created specifically for the flame cabinet.

AustraliaThursday, Dec 21, 2017

The Liberal National Party has vowed to oppose the inclusion of a casino in plans to develop the Maroochydore Central Business District on Australia’s Sunshine Coast, local media reports.

AustraliaTuesday, Dec 19, 2017

The Tasmanian Labor Party’s threat to pull pokie machines from bars and clubs will result in a loss of jobs and a $31 million hole in the state budget, according to The Gaming Technologies Association.