Asian casino operator Donaco International took a beating in its most recent fiscal year and isn’t making any forecasts for the year ahead.

On Monday, the Australian-listed Donaco reported that it had booked a net loss of AU$59m (US$43.5m) in the 12 months ending June 30, a significant improvement over fiscal 2019’s AU$198m loss. Group revenue declined 38% to AU$53.5m while earnings slipped nearly two-thirds to AU$10.3m.

Donaco attributed the bulk of the net loss to a non-cash impairment charge of AU$50.5m after downgrading the value of the gaming license at its main Star Vegas property in Poipet, Cambodia. The company took the hit based on the uncertainty surrounding Star Vegas, which closed in April due to COVID-19 and hasn’t yet received Cambodia’s permission to reopen.

Star Vegas, which accounts for around three-quarters of Donaco’s operations, reported FY20 revenue falling 45% year-on-year, while earnings tumbled 63% and net profit after tax slid 54%. VIP turnover slipped 45% due to “increased competition in Poipet and the emergence of unregulated gambling.”