Activities in a casino resort in Poipet city. PHOTO SUPPLIED
Australia-listed Donaco International Limited, the operator of DNA Star Vegas casino and resort, bordering Thailand in Banteay Meanchey’s Poipet town, has lauded the collaborative efforts of the Cambodian and Thai governments to bolster tourism between the two ASEAN nations.
The company’s October 30 financial report showed significant growth for Q3.
Group net revenue reached A$9.71 million ($6.15 million), up from $4.37 million in Q2. Earnings before interest, taxes, depreciation and amortisation (EBITDA) in Q3 soared to $3.63 million, a rise from $1.52 million in Q2.
“Donaco’s casinos are nearing full operation and Star Vegas continues to perform impressively with the rise in international travel as the broader environment improves,” said the company.
“The tourism industry is steadily returning to its pre-Covid levels, thanks to China easing its border restrictions with Vietnam. The Cambodian and Thai governments consistently support the sector, ensuring sustained visitor numbers,” it added.
The group maintains a robust balance sheet, supported by a substantial cash position of $13.93 million for the first nine months of 2023.
In Q3, Star Vegas reported a net revenue of $4.58 million, up from $2.77 million in Q2 2023. The property-level EBITDA stood at $3.24 million, nearly tripling the $1.15 million from Q2.
Donaco’s non-executive chairman Porntat Amatavivadhana noted that the company has sustained its strong momentum and recovery post-pandemic, evident in the Q3 2023 results. The group’s net revenue rose by over 40% compared to Q2, with the group’s EBITDA more than doubling during that period.
“I’m delighted to report a positive outlook for our businesses. The surge in travel from China to Vietnam offers a hopeful perspective as we commence the 2024 financial year.
“The Cambodian government’s recent campaign targeting Thai visitors is a highly promising move for our Star Vegas casino. We anticipate considerable benefits from the uptick in regional tourism.
“We’re confident in our business’s positioning to leverage this upward trend. Our dedication to a strategic approach and delivering outstanding customer experiences distinguishes us in this competitive market. Our overarching goal is to offer enduring value to our shareholders, and we’re enthusiastic about the forthcoming opportunities,” he said.
Cambodia and Thailand are dedicated to enhancing and broadening their bilateral ties in tourism. Their shared aim is to increase visitor inflow and increase the appeal to international visitors through their collaborative campaign, “Two Kingdoms, One Destination”.
Cambodian Minister of Tourism Sok Soken, Thai ambassador Cherdkiat Atthakor and a delegation from the Tourism Authority of Thailand (TAT) reaffirmed this commitment on October 26.
Data from the ministry shows that from January to August this year, Cambodia welcomed over 3.5 million foreign visitors, marking a 250.8% increase from the 998,272 visitors in the same period of 2022. However, this figure remains 19.7% lower than the record set in 2019, just before the pandemic.
Thai tourists topped the list with 1,186,999 visitors, followed by Vietnam (641,758), China (364,844) and Laos (212,984). The ministry also highlighted other significant sources of travellers, including the US, South Korea, Indonesia and France.
