Asian casino operator Donaco International is making it rain for shareholders after posting a better than expected profit in its most recent fiscal year.
Figures released this week by the Australian-listed Donaco show net profit after tax of AUD 77.2m (US $58.2m) in the 12 months ending June 30, a significant turnaround from the AUD 2.9m net loss in fiscal 2015.
FY16 was the first year to include contributions from Star Vegas, Donaco’s new property in Poipet, Cambodia. Star Vegas contributed AUD 120m to Donaco’s overall revenue of AUD 143.4m, while the Aristo Internatonal Hotel in northern Vietnam saw revenue rise more than one-third to AUD 23.2m.
Donaco’s net gains would have been up even higher but for an AUD 20.5m management fee payable to the company’s Thai partner for helping Star Vegas exceed its earnings target of US $60m. A final payment will be owed in FY17 should earnings continue to exceed targets.