Company News Summary
Donaco International Provides Market Update
Original announcement: Market Update
Donaco International provided Market update. The Company is performing in line with analyst's expectations at group level on a normalised basis, driven by strong performance from both the Star Vegas Resort and Club and Aristo International Hotel assets. Star Vegas is performing well, with strong constant currency growth in revenue (+8.5%) and EBITDA (+6.4%), particularly in the most recent 4 months to April 2016. Despite an adverse movement in the Thai Baht exchange rate, the business remains on track to produce the expected EBITDA of US$60m for FY16. Despite the win rates at the Aristo, actual EBITDA at the property is up 38% for the 10-month period ending April 2016. The Company's businesses continue to produce strong cash flows, and it maintains a healthy balance sheet, with a net debt to equity ratio of 18%.
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