Donaco International Limited’s Star Vegas casino in Cambodia reported a sharp revenue decline in the June quarter, with net revenue falling 31 percent to AU$4.31 million ($2.76 million), down from AU$6.28 million ($4.02 million) in the March quarter, according to a filing to the Australian Stock Exchange.
The drop was attributed to ongoing border tensions between Thailand and Cambodia, which have severely restricted cross-border travel.
The company’s overall performance also weakened, with group net revenue falling 15.6 percent to AU$8.47 million ($5.42 million), compared to AU$10.03 million ($6.42 million) in the previous quarter. Group EBITDA declined 10.2 percent to AU$3.68 million ($2.36 million) from AU$4.10 million ($2.62 million).
Star Vegas, located near the Thai–Cambodian border, saw a steep fall in visitor numbers. Average daily visitation dropped to 758 players, down from 928 players in the March quarter. Property-level EBITDA fell to AU$1.78 million ($1.14 million), from AU$3.48 million ($2.23 million) in the previous quarter.
The ongoing border dispute led to closures for nearly all travelers, directly affecting Star Vegas’ operations. The casino, which previously relied heavily on visitors from Thailand, has seen its primary customer base unable to cross the border due to restrictions. Since the closure, Star Vegas has been operating with a limited clientele, primarily expatriates and business travelers from Indonesia, China, and Korea who are based in Poipet.
In contrast, Donaco’s Aristo International Hotel in Vietnam, located near the Chinese border, recorded improved performance. Net revenue rose 11 percent to AU$4.16 million ($2.66 million), up from AU$3.75 million ($2.4 million) in the March quarter. Average daily visitation increased slightly to 343 players, up from 336 players, while property-level EBITDA climbed to AU$2.52 million ($1.61 million) from AU$2.31 million ($1.48 million).
Donaco reported a stable cash position of AU$39.63 million ($25.36 million) at the end of June, compared to AU$39.98 million ($25.59 million) in the previous quarter.
Donaco’s Non-Executive Chairman, Porntat Amatavivadhana, acknowledged the challenging operating environment. “Star Vegas has had a difficult quarter following the border dispute between Thailand and Cambodia, which has significantly impacted its operations,” he said. “The dispute has resulted in reduced activity at Star Vegas, as its core customer base has been unable to cross the border from Thailand.”
He added that while the short-term outlook for tourism in the region remains uncertain due to the ongoing and rapidly evolving situation, the company continues to monitor developments closely.
Separately, Donaco is progressing with its Scheme Implementation Deed with On Nut Road Limited. A Scheme Meeting is scheduled for August 4th, 2025. The Donaco Board has unanimously recommended that shareholders vote in favor of the proposed acquisition.
