b'FROM THE CHIEF EXECUTIVE OFFICER >I believe Star Vegasis an exceptional business, and even The operational and financial performance at Star Vegas for the 2019 financial year reflects the lack of senior casino management with the recentlyoversight for much of the 2019 financial year.The 9.9% decline in net gaming revenue to THB1,368.5 million was increased level ofcompounded by a low win rate of 2.69%, compared to a relatively high 3% in the 2018 financial year. Slot machine revenue declined competition it remainsby 24.5% following the changeover to newer slot machines, and this is unacceptable. Going forward we will revisit our lease arrangements on these machines and may look at revisinga premier venue profit-share arrangements or purchasing these machines outright. Non-gaming revenue was down by 19% to THB124.2 million, in the Poipet strip.and some further changes will be introduced to boost the attractiveness of the non-gaming businesses.The EBITDA decline of 37.2% to THB610.2 million was due toa combination of the lower win rate, higher employee count required to operate the online gaming business and higher marketing costs for our events program, which drove the strong increase in visitation. We intend to look closely at the appropriateness of each these aspects of the business.In Vietnam, the Aristo is operating at a reasonable baseline level, with strong momentum in the past two months. I can see a significant revenue and profit opportunity with the managed introduction of a revamped mix of table games and slot machines, and potentially increasing the overall slot machine numbers. The venue offers an attractive casino and entertainment destination in the north of Vietnam.The first half of the 2019 financial year was challenging for the Aristo, as it was impacted by a Chinese crime syndicate in July and August 2018, which threatened VIP junkets and customers on the Chinese side of the border and significantly impacted results in those months. However, the second half of the 2019 financial year the business returned to more normal operating conditions. 6 DONACO INTERNATIONAL LIMITED 2019 ANNUAL REPORT'