Cambodian and Vietnamese casino operator Donaco International has reported revenue of AU$9.71 million ($6.1 million) for the third quarter of this year, marking an increase of 53 percent from the previous year.
The company has achieved a positive EBITDA of AU$5.7 million ($3.6 million), more than double the operating results in the same period of last year.
According to the gaming company, Donaco’s casinos are almost fully operational with DNA Star Vegas continuing to perform ‘strongly following an increase in international tourism’ and the improvement in visitation after China’s reopening.
‘The tourism industry is gradually recovering to its pre-COVID state due to China lifting its border restrictions with Vietnam. The Cambodian and Thai governments provide sustained support to the tourism industry, resulting in continued visitor numbers,’ the group noted in a dispatch
The company’s DNA Star Vegas property in Cambodia recorded net revenue of A$7.24 million ($4.6 million) for the third quarter of the year, and property level EBITDA of A$5.11 million ($3.2 million), almost a threefold increase compared to the previous quarter.
Meanwhile, the Aristo International Hotel (Aristo) in Vietnam, near the border with China, recorded revenue of A$2.48 million ($1.5 million) and property level EBITDA of A$1.22 million ($778,316).
‘Group net revenue was up more than 40 percent compared to the June Quarter, and Group EBITDA more than doubled in the same period The results highlight the effectiveness of our turnaround strategy and operational execution as the business delivers improved performance,’ Donaco’s Non-Executive Chairman, Porntat Amatavivadhana, said in the recent report.
‘I am pleased to report that the outlook for our businesses remains positive. The increase in travel from China to Vietnam provides a promising outlook as we’ve entered the 2024 financial year.’
The group also highlighted that the recently launched tourism campaign by the Cambodian Government aimed at attracting Thai visitors would benefit its Star Vegas casino, as it should ‘significantly increase tourism in the region’.
‘Furthermore, the construction of the Sapa airport in Lao Cai, the region where the casino is located, is progressing well and is poised to unlock substantial economic potential for
Donaco,’ the report added,
The airport is expected to open in 2025 and is projected to handle up to 1.5 million passengers annually
