DNA Star Vegas, the group’s property in Cambodia, reported net revenue of $0.09m, a substantial decline from $11.65m recorded in Q3 2019. The average daily visitation declined from 4,182 to 52. The drop in revenues was impacted by COVID-19 since the casino reopened at limited capacity on September 25, only 5 days until the end of the quarter. Reportedly, the majority of the casino’s players come from Thailand, but the country’s borders are still closed.
Aristo International Hotel, located in Vietnam, reopened on May 8 but remains accessible to local patrons only due to the border restriction with China. The venue’s net revenue for Q3 was $0.14m, compared to $4.99m for the same period in 2019.
During the quarter, Lee Bug Huy was appointed CEO and Porntat Amatavivadhana became non-executive chairman. Amatavivadhana said: “The renewed Board and Management team continues to emphasize preserving shareholder value by controlling the Company’s corporate and operational costs.
"We successfully completed a capital raising in the quarter, which has strengthened our balance sheet and gives us headroom to weather the COVID-19 impacts and look towards long-term growth.”
