Donaco ready to reopen Cambodia’s Star Vegas as 1Q22 revenues plummet

ASX-listed Donaco International Ltd says it is ready to resume casino operations at Star Vegas, located in Poipet near the border with Thailand, as it awaits final approval from the Cambodian government.

Star Vegas has been closed since 27 April 2021, with the company reporting on Friday a 91.7% year-on-year decline in net revenues to just AU$230,000 (US$162,000) for the three months to 31 March 2022 – all of it coming from Aristo International Hotel in Vietnam. Adjusted EBITDA also fell to a loss of AU$1.37 million (US$968,000).

However, the company said it retains a bright outlook given the recent relaxation of border restrictions in Thailand which is likely to see visitation return to Poipet in the coming weeks. In particular, it noted that Thailand has reopened to vaccinated tourists from 1 May 2022, with Star Vegas “ready to reopen as Thai borders continue to relax and conditions ameliorate.”

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