Ann: Senior Management Changes, page-23

Aristo doesn't hit anywhere near normalised results. If it got theoretical win rates on turn over, plus the 60m RMB non gaming, it's would be making A20m++ EBITDA last couple of years. However, it doesn't earn normalised earnings, it earns Aristo earnings. It all sounds good on paper, as in this is surely a A150-200m operation on the doorstep of China, but it just hasn't worked out that way. This year will be another poor year in absolute terms. 

Interesting to note that the first phase of an Lao Cai international airport (550k passengers capacity per year) will be finished by late 2020. This will mainly service the Sapa resort mountain town, but would also benefit the wider area with it being built close to Lao Cai town. Bit better than VIPs having to travel hours by car from China! Possibly a medium term catalyst for Aristo if we are still here by then...