b'DIRECTORS REPORT >.new managementVENUE PERFORMANCESStar VegasFY19 compared to FY18has had anNet gaming revenue down 9.9% to THB1,368.5 millionimmediate positiveNon-gaming revenue down 19.% to THB124.2 millionEBITDA down 37.2% to THB610.2 millionimpact on results. Property level NPAT down 85.6% to THB113.3 millionVIP gross win rate 2.69%Gaming revenue at Star Vegas was affected by competition from the nearby Winsor, Paramax and the new Galaxy casinos in Poipet. VIP turnover increased by 76% due to the full year impact of junkets brought in to replace those poached by the Thai vendor in FY18; however, this was offset by an increase in junket commissions and profit sharing. These junket arrangements are currently being renegotiated by new management to improve outcomes. Property level NPAT was down, reflecting higher profit-sharing commissions and lower VIP win rate (however this improved by 21% in the June half of FY19 from the December half). Operating expenses were up 26% due to replacement of employees that were poached by the Thai vendor and hiring of new employees for the online gaming platform. The VIP gross win rate fell to 2.69% from 3% in FY18. Overall, for the full 12 month period, the EBITDA at Star Vegas declined by 37.2% in local currency terms to THB610.2 million.Aristo International HotelFY19 compared to FY18Net gaming revenue down 15% to RMB60.5 millionNon-gaming revenue down 25% to RMB45.3 millionEBITDA down 27% to RMB52.2 millionProperty level NPAT down 46% to RMB20.6 millionVIP gross win rate 2.09%Decline in gaming and non-gaming revenue reflects the weak start to the December 2018 half, with significant improvement to the June 2019 half. Decrease in property level EBITDA and NPAT was primarily due to lower VIP turnover and win rate. However, new management has had an immediate positive impact on results, with the Aristo recording EBITDA of USD1.6 millionin June 2019, and USD1.5 million in July 2019.CAPITAL MANAGEMENTNo FY19 dividend is payable due to the impairment charge and the resulting statutory loss,as dividends are restricted to 100% of statutory NPAT under the Mega Bank loan facility.Refinancing of the Mega Bank loan was completed in June 2019, with improved repayment terms and covenants relaxed.Further capital management strategies, including dividends and buybacks, will require approval from Mega Bank while the facility remains.SIGNIFICANT CHANGES IN THE STATE OF AFFAIRSThere were no significant changes in the state of affairs of the consolidated entity during FY19.16 DONACO INTERNATIONAL LIMITED 2019 ANNUAL REPORT'