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Donaco International has released its financial results for the quarter ended 30 June 2024.
Net revenue was valued at AU$10.81m (US$7.09m) for the group during the June quarter, representing growth of 57.1% year-on-year. However, this p was down from the AU$12.66m recorded during the March quarter.
Looking at group EBITDA during the June quarter, this saw a significant rise of 164.2% to AU$6.34m when compared with the same period last year. Again, though, this was down from March’s Group EBITDA which was AU$8.39m
The company has stated that group earnings and EBITDA were down for the June quarter compared with the March quarter because of a “higher-than-expected VIP win rate at the DNA Star Vegas,” which was 10.82% in the June quarter compared with 4.27% in the March quarter.
Average daily visitation across both operations increased in the June quarter when compared with March’s ps, while year-on-year both DNA Star Vegas and Aristo International Hotel saw net revenue go up.
Donaco Non-Executive Chairman Porntat Amatavivadhana said: “Donaco has consistently reported robust financial and visitation numbers following stable quarters across our operations. In the period, we stabilised our operations and focus 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 ps. 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-based news, Boyd Gaming has released its second quarter results for the year, showing a 5.5% increase in its revenue to $967.5m.
