ASX-listed Donaco International Ltd. says it’s ready to resume operations at its Star Vegas casino in Poipet, Cambodia near the border with Thailand. It’s waiting for permission from the Cambodian government to open its doors.
Star Vegas has been closed since April 2021. In April, Donaco reported a staggering 91.7 percent year-on-year decline in net revenues to just AU$230,000 (US$162,000) for the three months to March 31—all of it coming from the company’s Aristo International Hotel in Vietnam.
Despite the decline, according to the Cambodia Daily, the company said it’s optimistic about the future given the easing of border restrictions in Thailand, which reopened to vaccinated tourists starting May 1. In a statement, Donaco said Star Vegas is “ready to reopen as Thai borders continue to relax and conditions ameliorate.”
Non-executive Chairman Paul Porntat said, “The March quarter has been another challenging period for Donaco, but we are ready to resume our Star Vegas casino as conditions improve and once we receive the go ahead from government authorities.
“As we wait for this to happen, we are exploring additional options to protect the balance sheet and guarantee the business remains in a sustainable position until broader conditions improve.
“We remain optimistic about Donaco’s long-term future,” Porntat continued. “Vaccination rates have increased, leading to the easing of borders and travel restrictions in the regions we operate. It will take some time before travel patterns return to normal, and we are prepared for when international tourism will steadily resume again.
“We are almost at the end of this bumpy journey, and as always, I would like to sincerely thank you, our shareholders, for your patience and loyalty.”
