Donaco International Limited operates leisure and entertainment businesses across the Asia Pacific region.Its largest business is the Star Vegas Resort & Club, a successful casino and hotel complex in Poipet, Cambodia, on the border with Thailand. Star Vegas was established in 1999, and is the largest and highest quality of the Poipet casino hotels. The property has more than 100 gaming tables, more than 1400 slot machines, and 385 hotel rooms.Its flagship business is the Aristo International Hotel, a successful boutique casino in northern Vietnam, located on the border with Yunnan Province, China. Established in 2002, the property has recently been expanded to a brand new five star resort complex with 400 hotel rooms. Donaco is a pioneer casino operator in Vietnam, and owns a 95% interest in the business, in a joint venture with the Government of Vietnam.
Stuart McGregor is the chairman of Donaco International.Over the last 30 years, Mr McGregor has had a wide-ranging business career with active involvement across the Australasian and Asian Region. In business, he has been company secretary of Carlton United Breweries, managing director of Cascade Brewery Company Ltd in Tasmania and managing director of San Miguel Brewery Hong Kong Ltd, a publicly listed Hong Kong based company with subsidiary businesses in China. In the public sector, he served as chief of staff to a Minister for Industry and commerce in the Federal Government and as Chief Executive of the Tasmanian Government’s economic development agency.Mr McGregor was formerly a director of Primelife Limited from 1 December 2001 to 31 March 2004, and is currently a director of EBOS Group Limited (NZX:EBO).
Australia-listed Donaco International on Tuesday released a statement describing the impact of the coronavirus crisis on business operations at its Star Vegas hotel, located on the border of Cambodia and Thailand. On Monday, the Thailand government announced that the border crossing from Thailand to Poipet has been closed for 14 days, potentially reopening on April […]
Donaco International announced that it has settled its various legal disputes with its former Thai vendors for the Star Vegas casino in Poipet, including the proceedings in Singapore, Australia, Thailand, and Cambodia. A company statement explained, “The settlement reached provides certainty of tenure for the Star Vegas business and will conclude all disputes between the […]
Donaco International announced that the Supreme Court of New South Wales has granted its request for a further extension until May 1 of a freezing order preventing its estranged former Thai partners from selling their shares in the company. The previous freezing order had been set to expire at the end of February. The spat […]
Despite turning in relatively encouraging financial results for the second half of 2019, Donaco International signalled that its Vietnam casino was being heavily impacted by border closures with China resulting from Covid-19 infection fears, and that additional financing may be necessary. The firm reported a statutory loss of A$1.5 million in the six-month period, compared […]
Donaco International informed the Australian Stock Exchange that its Aristo International Hotel in Lao Cai, Vietnam, which borders China’s Yunnan Province, has been badly hit by the financial impact of the Covid-19 coronavirus and its associated border closures. “The border crossing at Lao Cai is currently tightly restricted, with crossing allowed only for visitors with […]
Donaco International made a significant step toward restocking its depleted board of directors by announcing the appointment of two new executive directors who “will work on legal, operational and financial matters for the company, including corporate activity and strategic projects, as well as investor relations matters.” One of them, Leo Chan is an executive director […]
The board of Donaco International announced that the company’s long-time General Counsel and Secretary Ben Reichel will leave the business this coming Wednesday, continuing the rapid turnover in the top executive ranks. Reichel first indicated his intention to leave the company on the eve of last November’s tumultuous Annual General Meeting at which shareholders voted […]
Donaco International announced in a filing to the Australian Stock Exchange that it has reached a temporary legal ceasefire with a Thai vendor. “The Board of Donaco International Limited announces that it has signed a memorandum of understanding with the Thai vendor of the Star Vegas business, under which all litigation matters between the Company […]
In a report to the Australian Stock Exchange, Donaco International admitted that its financial results were very weak at the end of last year, in the wake of the bloodbath at its AGM. “The performance of the Company’s businesses deteriorated following the Annual General Meeting in November 2019,” the note explained, “At DNA Star Vegas, […]
In yet another leadership change at Australia-based Donaco International, CFO Chong Kwong Yang left the company after six years of service, replaced by Gordon Lo.
Donaco International has announced the appointment of two independent and non-executive directors, including Mel Ashton, who will take on the role of chairman, and Simon Vertullo, as director. Both appointments are effective as of Monday, 9th December, and follows just days after the resignation of Donaco CEO Paul Arbuckle. Incoming chairman Mel Ashton said: “The […]
The meltdown at Donaco International continued on Thursday when Paul Arbuckle tendered his resignation as CEO only six months into the job.
The Australian Stock Exchange suspended trading of Donaco International on Monday after a bloodbath at the Annual General Meeting left the firm without the minimum two directors residing in Australia.
A Cambodian appeals court has ruled in favor of Donaco International, allowing the company to retain ownership of various assets at its Star Vegas business, which was being disputed by its former Thai vendor as part of a “campaign of legal harrasment” against the company. The spat between Donaco and its Thai vendors first came […]
Donaco is proposing a name change to Pan Asian Leisure as a statement that it’s leaving the past behind following an “unacceptable” financial performance.
Donaco International said it swung to a profit in the September quarter, helped by a strong performance from its property in Vietnam and reduced costs.
Donaco said that its largest shareholder has requested an EGM to consider a resolution calling for the entire board of directors to be ousted.
Casino operator Donaco International saw its annual loss widen to $194 million for the financial year ended June 30, 2019. Donaco said the net loss was due mainly to a non-cash impairment charge of the Star Vegas casino license, partially as a result of an increased risk premium applied by the auditor, and also due […]
Donaco International has filed an appeal against a decision made by a Cambodian arbitration court, which ruled in favor of the three Thai vendors who had terminated the lease of the land in which the Star Vegas casino is located. The spat between Donaco and its Thai vendors first came about after Donaco launched legal […]
Donaco International has announced a further delay in its legal battle to secure compensation from the former owners of its Cambodian resort, Star Vegas.
Donaco International shareholder Argyle Street Management Ltd has withdrawn its request to appoint its representatives on the Donaco board, according to a filing from Donaco to the ASX. On July 1, Vincent Pirina of Veritas Advisory Limited made a formal request to the Donaco board to appoint two associates of On Nut Road Limited (an […]
Shareholders in Australia-listed Donaco International have voted overwhelmingly to remove founders Joey Lim Keong Yew and his brother Benjamin Lim Keong Hoe from its board of directors.
Donaco International said it’s seeking more information as to the intentions of a group that bought a 19.25 percent stake in the company and is seeking the appointment of two board directors.
Former Star Entertainment Group COO Paul Arbuckle has been named as the new chief executive of Donaco International, effective Wednesday. Mr. Arbuckle was most recently the chief operating officer at Star Gold Coast, responsible for all operating divisions. Prior to that, he was the senior vice president of casino marketing for Resorts World Sentosa. Regarding […]
Shareholders in Donaco International, which operates casinos in Cambodia and Vietnam, has called on directors to convene an extraordinary general meeting to vote on removing Joey and Benjamin Lim from the company’s board.
Australia-listed Donaco International saw its 19Q1 results mostly in line with the prior year period, driven by higher group revenues and tighter management of corporate costs. Net revenue for the March 2019 quarter reached THB 439.6 million, around 0.6 percent over the prior year period. Donaco said that higher gross gaming revenue from table games […]
Asian casino industry veteran David Green has joined the board of Australia-listed operator Donaco International as an independent non-executive director.
Weaker VIP win rate, online gaming business start up costs, and a Chinese crime syndicate have been blamed for Donaco’s “soft start” to the 2019 financial year, according to a trading update from the operator on Thursday. Revenues totaled $23.7 million from July to October, down 20 percent year-on-year from the prior year period. “At […]
Cambodia is expected to introduce its long-awaited casino regulation in September, which may attract further investment to one of Asia’s most vibrant markets. The government is planning to hold a regulatory seminar, bringing together officials and industry executives and is expected to introduce the updated rules. Under the new legislation, casinos will likely face a […]
The three Thai vendors of the Star Vegas casino in Cambodia, which is currently in legal proceedings against Donaco International, is attempting an arbitration over the injunction granted by a Cambodian court in June. The injunction was granted by the Banteay Meanchey Court of First Instance in Cambodia, which prevents the vendors of Star Vegas […]
A Cambodian court has granted Donaco International an injunction which will protects its Star Vegas casino from early termination of its land-lease, according to a legal proceedings update filing from Donaco on Tuesday. Earlier this year, Donaco launched legal proceedings against three Thai vendors of its Star Vegas Casino in Cambodia, who have been accused […]
The Supreme Court of New South Wales has extended a court order preventing three Thai shareholders of Donaco International from selling their shares in the company. The injunction was first granted in April this year, which prevents the three vendors of Star Vegas casino, who own about 17.9 percent of Donaco’s listed share capital, from […]
Macau’s junket operators are increasingly focused on Cambodia, drawn in by growing business ties with China and its location between countries that don’t allow locals to gamble. SunCity Group, Macau’s largest junket, on March 1 launched its first VIP Club at NagaCorp’s NagaWorld property in Phnom Penh, encouraged by the rapid growth in Chinese tourists to the kingdom and others are also moving in.
Donaco International said the performance of its Star Vegas casino in Cambodia is showing signs of recovery after being hit by illegal competition from operations set up by the property’s former owner. For the quarter ending March 31, Star Vegas saw average daily visitation increase by 30 percent to 4,462, with visitation in February hitting […]
Donaco International Limited said the Supreme Court of New South Wales has granted an injunction freezing the shares of the three Thai vendors of the Star Vegas casino in Cambodia. The order will prevent the three, who own about 17.9 percent of Donaco’s listed share capital, from selling their stock until the parties resolve litigation, […]
Headaches caused by a former Thai junket impacted the earnings of Australia-listed Donaco International in the first half of the 2018 fiscal year. As detailed in a previous announcement from the company, the group’s results were hit last year by an impairment charge of $143 million at Star Vegas, due to a former junket vendor […]
Donaco International said on Tuesday that it does not expect to post a statutory net profit for the 2018 fiscal year, due to an anticipated impairment charge. Said impairment charge is estimated at A$144 million (US$113.3 million). In a Tuesday filing, Donaco said the impairment is the direct result of the breaches of agreement […]
Australia-listed Donaco International said it has won a court injunction to close the Star Paradise casino in Cambodia, which it says is operating in violation of a non-competition agreement signed when it bought its Star Vegas property in Poipet. The casino, which is operated by the former owners of the Star Vegas, had agreed at […]
Donaco International recorded strong performance in its main hall and slot machine businesses for the first four months of the 2018 financial year, but its VIP business saw mixed results. Donaco CEO Joey Lim, addressing shareholders at the AGM, said that its Cambodia property, Star Vegas, was impacted by the transition to a new set […]
Australia-listed Donaco International has been informed that the family of its managing director, Joey Lim has sold a total of 37.5 million shares in the company for an aggregate consideration of A$15 million (US$11.9 million). In a filing to the ASX on Monday, Donaco said the placement to international and domestic institutions was for private […]
Australia-listed Donaco International reported a 60.6 percent decline in net profit in FY17 compared to the prior-year, due to a number of non-recurring items. Net-profit-after-tax for the year fell to A$31 million (US$24.7 million) in FY17, down from A$78.7 million in FY16. Donaco said that the fiscal year saw merger and acquisition costs, working capital […]
Australia-listed Donaco International, which operates casinos in Vietnam and Cambodia, says it has signed an accord with Mega International to refinance a loan facility with Mega Bank. The group had originally taken out a loan for $100 million in 2015. It took a further $20 million in 2016 to repay a separate working capital facility. […]
Donaco International says it expects to add approximately 100 gaming tables to its Star Vegas casino over the next few months. “The international expansion will make use of the currently underutilized space at the property, and represents a new source of incremental revenue in FY17 and beyond,” said the company in its filing to the […]
Australian-listed Donaco International has signed a deal with international marketing agency Vivo Tower Ltd. to attract junkets from Macau, Hong Kong and Malaysia to its Star Vegas property, according to a filing from the company to the ASX on Friday. Under the agreement, Vivo Tower will pay Donaco a minimum fixed fee of US$1.5 million […]
Genting chairman and CEO Lim Kok Thay has filed an affidavit against two of his nephews, Joey Lim Keong Yew and Benjamin Lim Keong Hoe, disputing their combined 49.2 percent share in Australia-listed Donaco International Ltd., The Edge Malaysia reports. Joey Lim is the managing director and CEO of Donaco International Ltd, while Benjamin Lim […]
Donaco International Ltd has signed a three year deal with Kings Consulting Limited, owner of Poker King Club, to stage international poker tournaments at the Star Vegas. Poker King Club (PKC), which was founded in 2009 provides both cash game services and tournaments at different levels for all types of players. PKC currently has three […]
Tax revenue collected from Cambodia’s casinos jumped by about 40 percent in 2016 helped by increasing volumes, government efforts to improve tax collection and an accord with the country’s biggest operator NagaCorp. Ros Phearun, a deputy director-general of the Finance Ministry’s financial industry department, was cited by local media as saying that the government and […]
Australia-listed Donaco International posted a higher profit in the first half of FY17, up 5 percent to A$14.8 million (US$11.4 million), according to a filing to the ASX on Thursday. Group revenue was A$59 million, down from A$68.9 million in the prior year period. The company said its overall performance was consistent with its trading […]
The Philippines has been one of the best-performing casino markets in 2016, with revenue from the properties in Entertainment City up 20 percent in 3Q, though operators from Vietnam and Cambodia are also posting strong results, highlighting the potential of these markets. AGB will be hosting the inaugural ASEAN Gaming Summit in March 2017 to […]
Donaco International says it will be focusing on further reducing debt, consider “additional capital management initiatives” and further opportunities to grow its business over the next year, according to chairman Stuart McGregor at an AGM on Thursday. “We will be focused over the next 12 to 18 months on ensuring that our debt is paid […]
Casino operator Donaco International says it is looking at options for utilizing an online gaming license owned by Star Vegas in Poipet sometime in the fiscal year 2017. “The Star Vegas business also owns an online gaming license which has yet to be utilized,” said managing director and CEO, Joey Lim in an annual report […]
Asian casino operator Donaco International Limited reported net profit of A$77.2 million ($58.2 million) in the fiscal year ended June 30, driven by strong operational results from Star Vegas and Aristo. The casino operator reported a loss of A$5.2 million in the fiscal year 2015. The year past was also the first full year to […]
Australia-listed Donaco International Ltd says its “normalized” EBITDA is on track to hit A$90-95 million (US$65-69 million), whilst actual EBITDA has been hit with a lower than normal win rate. “It’s definitely not a downgrade,” said executive director Ben Reichel. However, the casino operator said that its actual EBITDA was about US$7.3 million below the […]
Australia-listed Donaco International Ltd has expressed interest in joining the development of the Lao Cai airport, in the northern mountainous province of Lao Cai, in Vietnam, local media reports. Donaco managing director, Joey Lim reportedly made the comment at the Lao Cai Investment and Tourism Development 2016 conference, held over the weekend. The airport is […]
Australia-listed Donaco International Ltd. has announced the appointment of Att Asavanund as deputy chief executive officer, according to a filing to the Australian Stock Exchange. Reporting to Donaco’s managing director and chief executive officer Joey Lim, Asavanund will be focused on improving the performance of the company’s operating business, the Star Vegas Resort and Club, […]
Australian-listed Donaco International Limited has reclassified a US$100 million loan from Mega Bank of Taiwan, which was previously classified as a current liability, according to a filing on Mar. 8. The operator said the classification was overly conservative, as “only some of the principal amount – not all of it – is repayable within the […]
Australian-listed Donaco International Ltd announced its previously agreed exclusive deal with gaming promoter Heng Sheng Group has been terminated, with operations suspended from January 2016, according to an investor presentation of its half year results. Heng Sheng previously had exclusivity for certain jurisdictions, which prevented Donaco from striking new deals with other junkets. Donaco says […]
Australian-listed Donaco International reported a 230 percent increase in net profit after tax at A$13.4 million (US$9.6 million) for the half year ended Dec. 31, 2015, compared to A$4.1 million for the same period in 2014. Operating revenue went up 430 percent to A$69.8 million for the second half of the year, compared to A$13.2 […]
Donaco International Limited has announced the formal launch of its partnership with Manchester United, at a series of events to be held in Vietnam on Dec. 14-15, 2015. Manchester United Ambassador, Dwight Yorke, will attend a press conference in Hanoi on Tuesday 14 December, to discuss the Club’s first ever Official Casino Resort partnership with […]
Donaco International’s Star Vegas Resort and Club in Cambodia posted “massive” growth last year and is performing well ahead of its target, the company’s managing director said. Last year the club’s net profit and revenue were up 57 percent and 86 percent respectively. “The Star Vegas continues to grow, and in the four months to […]
Boutique casino operator Donaco International announced that its VIP rolling chip turnover at Star Vegas Resort and Club casino in Poipet, Cambodia, grew 43 percent in the ‘September quarter’ to approximately A$1.30 billion ($941.7 million) compared to the same period last year. The Star Vegas, which consists of 4 hotels with 385 rooms in and […]
Donaco International Limited has confirmed that the Heng Sheng VIP club at the Star Vegas casino in Poipet, Cambodia, was successfully launched on September 20. Heng Sheng Group is one of Macau’s leading VIP gaming promoters. Under the three-year deal, Heng Sheng will bring its VIP players to a new dedicated gaming facility at the Star Vegas […]
Donaco International reported total net revenue of A$92.65 million ($66 million) for the 12 months ended June 20, up 29 percent on the same period the year before. The results only include the Aristo International Hotel in Vietnam, which is approximately 15 percent of the company’s overall business, in terms of net revenue. The performance […]
Donaco International has signed an agreement with Heng Sheng Group, a Macau VIP gaming promoter, to bring its VIP players to the Star Vegas Resort & Club in Cambodia starting this year. Under the three year deal, Heng Sheng Group will bring its VIP players from Asia to a new dedicated gaming facility, to open in September, […]
Donaco International Limited, which operates casinos in Vietnam and Cambodia, has signed an exclusive sponsorship agreement with Manchester United Football Club. The three year deal sees Donaco appointed as the exclusive casino resort partner of Manchester United in Thailand, Cambodia, Vietnam, Laos, Myanmar and South Korea. Manchester United has been described as “the most valuable […]
Donaco International, which operates casinos in Vietnam and Cambodia, announced that it has bought back 1.23 million of its shares for AUD825,113 ($604,350). The highest price paid was AUD 0.9 per unit on August 28 2014, and the lowest price paid was AUD0.58 on November 27, 2014. The company, which owns and operates the Star […]
Casino operator Donaco International announced it has adopted a new corporate logo and branding. The new logo is modelled on a fountain design and symbolizes “entertainment celebration and constant motion,” the company said in a filing. The company owns and operates the Star Vegas Club and Resort in Cambodia and Aristo International Hotel in Vietnam. […]
Donaco International’s Star Vegas Resort and Club in Poipet, Cambodia, reported earnings before interest, tax, depreciation and amortization (EBITDA) of $58.2 million for the 2015 fiscal year, up 20 percent from $48.5 million in FY2014. The casino’s financial performance was driven by a 69 percent increase in rolling chip turnover on table games over the […]
Donaco International Ltd announced that the company’s deputy chief financial officer, Chong Kwong Yang, has been appointed to the senior position of chief financial officer. The company, which recently completed its acquisition of the Star Vegas Resort and Club in Cambodia, said Chong played a key role in sealing the deal. Current CFO Richard Na […]
Donaco International confirmed that it has completed the acquisition of the Star Vegas Club and Resort in Poipet, Cambodia. “The Company now has ownership and control of the Star Vegas business,” The Australian company announced. The company said it has signed binding agreements for the $20 million working capital facility, and agreed to issue warrants […]
Donaco International announced that the acquisition of the Star Vegas Resort and Club in Poipet, Cambodia, is on track for completion on 1 July, 2015. The company said in a filing that due diligence has been successfully completed and the conditions related to loan agreements satisfied. “If all conditions precedent are satisfied, completion of the […]
Australia-listed Donaco International said visitation to its Aristo International casino in northern Vietnam doubled in March and was up 43 percent in April as VIP numbers rebounded. In an investor presentation, the company said VIP revenue was up 123 percent in March to $201 million. In April, turnover continued to increase reaching $219 million. The […]
Donaco International said it will issue new shares to raise $132 million to part-fund the company’s recently announced acquisition of a Cambodian casino. The company will issue more than 220 million new shares under the entitlement offer to go towards the $360 million Star Vegas Resort and Club in Poipet. The company also said it […]
From India to Australia, casinos across the Asia Pacific region have closed their doors in response to efforts to combat the spread of the coronavirus, with little to no visibility at present as to the evolution of the situation.
The Coronavirus, now renamed as Covid-19, has devastated the near-term outlook for Asia’s casino operators, though analysts still expect demand to snap back sharply once the outbreak is under control. The big question is when that might be.
Thailand’s ongoing ban on all forms of gambling is proving a gold mine for casinos elsewhere in the region, with a growing number taking steps to specifically target the Thai VIP base.
Cambodia is Indochina’s undisputed king of live dealer gaming, with land-based casinos rushing to install dedicated set-ups to stream action from gaming floors to online players.
A heat map of the casinos clustered around Thailand’s borders are a strong indicator of how much interest there would be if the Kingdom were to legalize gambling.
Cambodia’s long-awaited gambling legislation is likely to be published mid-year and could herald the start of a dramatic shake out of the country’s 65 casinos. Higher tax rates and investment levels may trigger consolidation.
Cambodia’s gambling industry is eyeing moves to open up the market in neighbouring Vietnam with trepidation, though views are mixed on the potential impact. Casinos lining Cambodia’s border with Vietnam have long benefited from traffic from Vietnamese who have been banned from gambling at home. Vietnamese are estimated to spend about $800 million annually gambling overseas, with a large chunk of that funnelled into its neighbor’s casinos.
As regional gambling revenue slumps, some companies are finding a new marketing strategy isn’t enough to draw the crowds and instead are trying for a complete rebrand. Operators such as Star Entertainment, Donaco and Macau junket Tak Chun has all recently tweaked their image. However, rebranding is a complicated and costly process, especially if you get it wrong.
Integrated resorts have become a buzzword in the gaming industry, with investors and governments around Asia looking to the model as they prepare plans for new markets and properties. However, as gambling revenue in Asia's biggest resorts declines is the IR model the right formula for success?
Located amid the misty mountains and lush greenery of Lao Cai is the site of Donaco International’s Aristo property, its latest and upgraded site boasting more than 400 rooms in the border town between Vietnam and China.The towering five-star Aristo Hotel and Casino, a joint venture between Donaco and the Vietnamese government which owns 5 percent, has 428 hotel rooms and 40 gaming tables – a bold step up from the 34 rooms and eight gaming tables it had at its previous site a few minutes away at Lai Cai International. The new site also has 58 electronic gaming positions, with 34 linked jackpot slot machines and 24 electronic roulette seats. The casino’s license allows up to 300 EGMs.Aristo is the only casino for about 200 km and is positioning itself to take advantage of a mini boom taking place in the city.
Foreign investors are still waiting for clarity on when Vietnam will pass a bill that is expected to reform the country’s gambling industry, opening the market to locals for the first time and potentially triggering a flood of foreign investment. The passage of legislation is keenly awaited by operators keen to enter the market, but who are wary of major investment in a jurisdiction solely reliant on foreign tourism.