Asian casino operator Donaco International Limited has announced its intention to launch an online gambling service branded on its Star Vegas Resort And Club property in Cambodia within the next twelve months.
Sydney-based Donaco International Limited, which also operates the Aristo International Hotel in northern Vietnam, made the revelation as part of its financial report for the twelve months to the end of June filed with the Australian Stock Exchange on Monday.
“The Star Vegas [Resort And Club] business also owns an online gaming license that has yet to be utilized,” read a statement from Joey Lim Keong Yew, Managing Director and Chief Executive Officer for Donaco International Limited. “We are currently exploring the alternatives for the utilization of this license and expect some progress to occur during [the 2017 fiscal year].”
According to a report from GGRAsia, Donaco International Limited previously owned an online wagering marketing business christened Way2Bet Party Limited but sold the enterprise to Punter Paradise Party Limited for $450,000 in October of 2014.
As part of its annual financial report, Donaco International Limited revealed that it generated revenues of $109.38 million for the year to the end of June with $91.53 million of this coming from its Star Vegas Resort And Club business, which is located in the town of Poipet near Cambodia’s border with Thailand. It declared overall earnings before interest, tax, depreciation and amortization of approximately $50 million while its net profit after tax came to $60.03 million.
“The underlying net profit after tax of $42.65 million is a better reflection of the ongoing earnings that we achieved in the business,” read the statement from Lim. “Pleasingly, our operating cash flow was $37.15 million, which shows the strong cash generative nature of our profit. This very strong financial performance allowed us to repay debt and to declare our maiden dividend of one cent per share. We were also able to refinance our debt facility, which will produce further cost savings during the 2017 financial year.”