Donaco Reports 57.1% Increase in Quarterly Net Revenue

The operator has stated that it has exceeded pre-Covid operational levels. Donaco International has announced its financial results for the quarter ending 30 June 2024. The group’s net revenue for the June quarter was valued at AU$10.81 million (US$7.09 million), reflecting a 57.1% growth year-on-year. However, this figure represents a decrease from the AU$12.66 million recorded in the March quarter. Group EBITDA for the June quarter experienced a significant rise of 164.2%, reaching AU$6.34 million compared with the same period last year. Nevertheless, this was down from the March quarter’s Group EBITDA of AU$8.39 million. The company has explained that the decline in group earnings and EBITDA for the June quarter compared to the March quarter was due to a “higher-than-expected VIP win rate at the DNA Star Vegas,” which was 10.82% in the June quarter, compared to 4.27% in the March quarter. Average daily visitation across both operations increased in the June quarter compared to March’s figures, and year-on-year, both DNA Star Vegas and Aristo International Hotel saw an increase in net revenue. Donaco Non-Executive Chairman Porntat Amatavivadhana commented: “Donaco has consistently reported robust financial and visitation numbers following stable quarters across our operations. In the period, we stabilised our operations and focused on providing a high-quality experience to our customers. This is evidenced by the improving average daily visitation across both Star Vegas and Aristo. “Star Vegas recorded stabilised property-level EBITDA and net revenue figures. A higher-than-usual VIP Win Rate impacted Star Vegas; however, our turnaround strategy minimised operating expenses through a period of stronger visitation. “Meanwhile, Aristo reported high visitation levels in line with the March Quarter and an increase in net revenue over the period. A minor surge in operating expenses impacted Aristo and, unfortunately, affected the operation’s property-level EBITDA. However, we are confident in Aristo’s long-term potential, in light of the opening of the new Sapa airport in 2025.” In other results-related news, Boyd Gaming has released its second-quarter results for the year, showing a 5.5% increase in its revenue to $967.5 million.