Star Vegas Casino in Poipet Sees 54.9% Revenue Drop in Q1 2021

• 3 May 2021
• Local News
• 2595 Views

One of the major casinos in Poipet, Star Vegas, has suffered a 54.9% drop in revenue during the first month of 2021, compared to the last and first quarter of 2020.

According to IAG, the total revenue of Star Vegas in Q1 was only US$1.94 million. While the total net revenue of operation firm Donaco International Ltd also declined from US$8.33 million in the first quarter of 2020 and US$4.63 million in Q4 2020 to just US$2.14 million in Q1 2021.

The decline was mainly caused by the pandemic, and last week Star Vegas was once again forced to suspend operations due to the recent surge in community outbreak in Banteay Meanchey Province. (Read more)

According to Non-Executive Chairman Porntat Amatavivadhana, the quarter ending March was a challenging period due to the COVID-19 pandemic and the February community outbreak has led to a more severe situation at the moment.

“This is an external factor which unfortunately we cannot control. Nonetheless, we have continued to focus on what we can control, our internal operations and protecting our balance sheet. We have done everything to manage what had to be managed internally within the business,” he added.

The community outbreak, lockdowns, and travel ban in Cambodia have led to a severe downturn in almost all business sectors.

Due to the large drop in profit caused by the pandemic, Cambodia’s largest casino NagaWorld has also recently decided to slash 1,300 jobs. (Read more)

Meanwhile, overall casino tax revenue collection in Cambodia in 2020 was recorded at US$40 million, also down by 50% compared to the same period in 2019, according to a senior official from the Ministry of Economy and Finance (MEF). (Read more)

• Economy and Finance