Rolling Chip VIP Turnover stood at AU$50.7m, compared to AU$1.7bn in 2019. Property level EBITDA was AU$1.7m, a great drop from last year's figure of AU$7.6m. Group EBITDA stood at negative AU$3.0m, compared to AU$4.8m the previous year.
Operating expenses for the quarter were AU$2.6m, against AU$12.7m the previous year with Q2 being influenced by the global pandemic.
DNA Star Vegas has been closed since April 1, 2020, and still hasn't resumed operations. While the casino remains closed, “management has implemented tight control measures with an average monthly cash burn rate of approximately” $300,000, for payroll and utilities. Net revenue for the casino came from non-core business and was $0.2m, compared to $9m last year.
Aristo International Hotel resumed operations on May 8, but VIP rolling turnover dropped to $34.0m from $417.4m, a 92% fall due to a decline in visitations. Net revenue was $0.4m, a 93% drop from $5.5m in 2019. The casino reduced operating expenses to $0.6m from $2.1m last year.
The company raised AU$14.41m of capital to “provide immediate capital relief and stabilisation of the business.”
The company announced board changes as well. Paul Arbuckle will be stepping down as a CEO on August 4, with the CEO recruitment process is still ongoing.
