Cambodia’s COVID-19 outbreak sees Donaco revenues plummet in 1Q21
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ASX-listed Donaco International Ltd has reported a 53.8% sequential decline in revenue for the first three months of 2021, impacted by an outbreak of COVID-19 in Cambodia that has heavily impacted its flagship casino, Star Vegas, in Poipet.
Net revenue fell from AU$10.79 million in the first quarter of 2020 and AU$6.0 million in 4Q20 to just AU$2.77 million in 1Q21, with Star Vegas suffering a 54.9% decline in revenue to AU$2.51 million.
In Vietnam, Aristo International Hotel, located near the border with China, continued to endure subdued visitation with net revenue falling from AU$430,000 in the December quarter to just AU$260,000 in Q1. By comparison, Aristo reported net revenue of AU$2.64 million in the first quarter of 2020.
Donaco International Ltd (ASX:DNA) Quarterly Activities Report
FRA:UGS) provides the following trading update for the three-month period ending 31 March 2021.
The March quarter was impacted by the most recent COVID-19 outbreaks. As previously reported, an outbreak around the broader regional area in which Star Vegas operates emerged in January 2021 and this was followed by a much heavier outbreak in Thailand with a second and third wave of infections. As a result of the pandemic, from 27 April 2021, Cambodian local authorities have declared the temporary closure of all casinos in the Banteay Meanchey province to prevent the curb in COVID19 community outbreak following a surge in cases. This has resulted in the immediate temporary closure of Star Vegas until further notice. Additional protocols have been in place at Star Vegas and Aristo during the quarter to minimise the risk of the virus, and keeping the safety of staff and visitors has remained a number one priority. Th
Donaco International Ltd (ASX:DNA) Temporary Closure of Star Vegas
FRA:UGS) advises that Cambodian local authorities have declared the temporary closure of all casinos in the Banteay Meanchey province to prevent the curb in COVID-19 community outbreak following a surge in cases. All casino operations in the province have been temporarily suspended from 27 April 2021.
As such, Donaco s Star Vegas has temporarily closed its operations until further notice from the local Government.
The continued safety of Donaco s staff and visitors remains paramount and the Company will monitor developments and advise the market once there is a further update.
About Donaco International Ltd
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March 8, 2021
The boss for Asian casino operator Donaco International Limited has reportedly announced that he does not expect the government of Thailand to legalize gambling any time soon despite the recent emergence of rumors to the contrary.
According to a report from Inside Asian Gaming, Lee Bug Huy serves as Chief Executive Officer for the Sydney-listed firm and his forecast came on Friday as part of a conference call with investors to discuss the company’s half-year financial results. The source detailed that Donaco International Limited is responsible for the Aristo International Hotel in northern Vietnam as well as Cambodia’s Star Vegas Resort and Club, which sits just meters from that nation’s international land border with Thailand.