Ann: Quarterly Activities Report, page-11

The other question is, why hasn't the company opened the casino to full capacity yet?

My personal opinion is because June-Oct is historically the worst season for travel in Cambodia.

In SE asia you have the Wet and Dry. Somer The Dry season (Nov-May) is by far the busiest. The Wet season (Jun-Oct) is the worst.

If anyone has been watching the news, there has been weeks of flooding in Cambodia recently leaving thousands displaced because of the wet season.

"January–March is the busiest time of year, This is peak tourist season in Cambodia, and Phnom Penh, Siem Reap and the South Coast are usually heaving. The internationally recognized New Year celebrations are followed by Chinese and Vietnamese New Years' festivities, so be ready for some serious festive cheer."
www.lonelyplanet.com/articles/best-time-to-visit-cambodia

If we look at data for the years pre covid...
www.ceicdata.com/en/indicator/cambodia/visitor-arrivals
the worst months were Jun to Oct with about 420k a year.
The best months were Nov,Dec and Jan with 616k, 755k and 647 respectively and then Mar Apr and May were still pretty high.

Thats how things were like for DNA before, their most profitable period was during the Dry season.

Based on that, next two quarters should be expected to be a lot better even if everything stays the same. So I'm expecting $8mn+ revenue next quarter with similar or slightly higher costs. With a normal VIP win rate it could be 10mn in revenue. Let's be conservative and assume costs grow a fair bit ($4mn). That's $4-$6mn EBITDA. Anything less than $4mn during the peak season would be disappointing IMHO.