Australian-listed Southeast Asian casino operator Donaco International Limited has reported an 80.7% decline in revenue to AU$10.32 million in the financial year through 30 June 2021 due to lengthy closures of its casinos in Cambodia and Vietnam.
Strict cost controls around operating expenses managed to keep the company’s EBITDA loss to AU$70,000, while net profit after tax remained healthy at AU$25.18 million thanks to proceeds from a settlement agreement with the Thai vendors of its Star Vegas property in Poipet that was finalized in January.
It proved to be a particularly challenging 12 months for Donaco. Closed for the first few months of the financial year due to COVID-19, Star Vegas reopened on 25 September at limited capacity but was forced to close again from 27 April 2021 following an order from the Cambodian Government.
