Southeast Asian border casino operator Donaco International said it had returned to positive earnings before interest, taxation and depreciation (EBITDA) in October and November. The company added in a Friday filing with the Australian Stock Exchange that the positive trend of "growth" in EBITDA "continues through December".
Donaco said group EBITDA hit US$1.54 million in October, followed by US$800,000 in November.
The company said the negative impact of COVID-19 on its casino business has begun to "fall."
Donaco operates two casino properties in Asia - Star Vegas Resort and Club (pictured), a casino resort on the Thai-Cambodian border, and Aristo International in Lao Kai, on the border between Vietnam and China.
Star Vegas temporarily closed from April 1 as part of Cambodia's COVID-19 response measures. It reopened on Sept. 25. "Star Vegas is no longer losing money after a limited reopening," Donaco said in a recent filing.
The company said its positive EBITDA results for October and November were "driven by business initiatives implemented by new boards and executives" appointed earlier this year following changes to the company's shareholder structure. The action included "a shift in customer targeting focused again on attracting customers locally to Star Vegas, reducing the cost of the company's international staff and providing a robust growth platform."
Donaco said positive EBITDA for October and November was also a result of its "continued cost control strategy."
The company said it had "improved the position of its business" by "gradually easing COVID-19 restrictions" in its jurisdiction. The casino, which is "still operating on a limited basis," is "ready to resume full operations as the situation improves," Donaco said.
Donaco also detailed the ongoing discussions with Taiwanese lender Mega International Commercial Bank Limited in Friday's filing. The casino promoter said it was "confident" of securing Mega Bank approval for waivers to settle all legal cases with its Thai counterpart. The latter, meanwhile, has become Donaco's main shareholder following a recent change in the company's shareholder structure.
Donaco said it "continued to pay off its debt with Megabank." The company said it was "on track" to pay off all of its outstanding debt amounting to $7.8 million in fiscal 2021.
On Sept. 1, Donaco said in a report that it had significantly reduced its loss for the June 30 base financial year to slightly above A$58.9 million ($41.6 million) from A$198 million a year earlier, even as the latter half of the reporting period was affected by COVID-19.
BY: 릴게임사이트