Donaco shares smashed as the casino operator declared loss of $124.5 million.

  • Aug 30, 2018 AEST
  • Team Kalkine
Donaco shares smashed as the casino operator declared loss of $124.5 million.

Donaco’s stock tumbled 5.263% to $0.180 on 30 August 2018 (5:16 PM AEST) after the company announced statutory loss of $124.5 million for the financial year ended 30 June 2018. This reflects $143.9 million of non-cash impairment charges on value of Star Vegas casino license. However, the group’s underlying net profit was $18.3 million prior to non-recurring items.

Group’s FY18 revenue was down to $92.6 million from $136.4 million in previous year with 42% fall in gaming revenue, driven by decline in VIP business. Aristo international’s revenues were maintained to almost previous year levels, while revenue from Star Vegas has come down from $110.2 million in FY17 to $66.6 million due to breach of contract by Thai vendor and softening of domestic demand in Thailand. 

Entertainment sector giant Donaco (ASX: DNA) has also announced launch of its online gaming business at Star Vegas which can make significant contributions to the business. No dividend has been declared during the year.

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