Cambodian and Vietnamese casino operator Donaco International Limited has seen remarkable growth in the 2024 fiscal year, the company’s Non-Executive Chairman revealed.
According to a statement by Porntat Amatavivadhana to shareholders at the company’s Annual General Meeting, Donaco’s group revenue soared by 62 percent year-on-year to AU$39.5 million ($25.7 million) in the 2024 fiscal year.
The company also recorded a significant EBITDA increase of 131 percent, totaling AU$22.2 million ($14.4 million), more than double the previous year’s figure of AU$9.6 million ($6.2 million).
Amatavivadhana detailed the success of Donaco’s two primary operations: DNA Star Vegas in Cambodia and Aristo International Hotel in Vietnam. Star Vegas achieved several operational efficiencies and saw a substantial rise in non-gaming revenue, bolstered by the launch of a membership loyalty program in January, which enhanced average daily visitation.
Meanwhile, Aristo experienced a strong rebound in performance thanks to increased tourism in the region, with average room occupancy rates climbing from 30 percent to 60 percent.
The Chairman attributed much of the success to local government initiatives aimed at boosting international tourism.
“The success of local government initiatives greatly benefitted our performance, leading to notable increases in visitation and gaming turnover”, he noted.
Looking ahead, Amatavivadhana expressed optimism about the upcoming opening of Sapa airport in Lao Cai, which is expected to significantly enhance tourism and economic potential for Donaco, with an estimated annual capacity of 1.5 million passengers.
However, he also addressed potential challenges, including the proposed Integrated Entertainment Business Act in Thailand, which could legalize casinos within entertainment complexes and impact DNA Star Vegas’ operations and cross-border tourism.
“We will continue to monitor the situation closely and assess how this development might impact our business”, he said.
Additionally, Amatavivadhana mentioned ongoing legal proceedings challenging Vietnam’s General Department of Taxation regarding taxes on unredeemed chips held by the company. “We will provide an update on the outcome of the legal proceedings in due course,” he assured.
In closing, he reaffirmed Donaco’s strong balance sheet and commitment to navigating potential challenges while creating value for shareholders. “As we look ahead, we are focused on delivering growth and creating value for our shareholders,” he concluded, thanking attendees for their ongoing loyalty and support.
With a strategic focus on growth and resilience, Donaco International continues to position itself for future success in the competitive gaming and hospitality landscape.