Australia-listed gaming operator Donaco International Limited has reported a modest decline in group revenue for the quarter ending 31 March 2025, despite stable or improving visitation across its two Southeast Asian properties.
The company, which operates DNA Star Vegas in Poipet, Cambodia and the Aristo International Hotel in Lao Cai, Vietnam, revealed mixed results across its portfolio.
At Star Vegas, to AU$ 6.2 million (€3.78 million), down from AU$ 7.17 million (€4.37 million) in the previous quarter. The property’s EBITDA also declined, registering AU$3.48 million (€2.12 million) compared to AU$4.22 million (€2.57 million) in the three months to December. The resort experienced a slight dip in daily foot traffic, averaging 928 players.
Vietnam resort outperforms
Conversely, operations at Aristo International Hotel in northern Vietnam were more positive. The property posted a marginal rise in revenue, up to AU$ 3.75 million (€2.29 million) from AU$ 3.73 million in the previous quarter. Average daily visitation rose to 336 players, up from 300. EBITDA for Aristo remained flat at AU$ 2.31 million (€1.41 million).
Donaco’s Non-Executive Chairman, Porntat Amatavivadhana, said the group’s financial performance reflected broader regional pressures despite steady visitor numbers. “Aristo continued to perform steadily during the quarter, reporting revenue growth and stable EBITDA,” he noted. “We also continued to see visitation numbers grow with higher levels of tourism in the region following reduced border restrictions and government tourism campaigns.”
However, Donaco expressed caution regarding the potential legalisation of casino operations in neighbouring Thailand. The company said it would carefully assess how such a development might impact its flagship Star Vegas property, located near the Thai border.
Donaco proposes full buyout by On Nut Road
In a separate move, Donaco’s board has recommended that shareholders approve a full buyout by On Nut Road Limited, a Hong Kong-licensed fund manager that manages more than US$2 billion in assets. The proposed deal would see On Nut Road acquire 100 percent of Donaco’s shares for approximately AU$ 55.59 million (€33.92 million).
According to the company, the offer represents a 54.1 percent premium to Donaco’s 90-day volume-weighted average share price. The board described the offer as providing “compelling value” to shareholders, pending approval. If the deal goes ahead, Donaco will be taken fully private under On Nut Road’s ownership.
The company continues to emphasise a strategy of financial discipline and operational stability as it navigates both ongoing market challenges and potential shifts in regional gaming competition.
