The Star Vegas Resort and Club casino property is located in Poipet, Cambodia, which was acquired by Donaco International for a consideration of US$360 million.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.
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 has announced a further delay in its legal battle to secure compensation from the former owners of its Cambodian resort, Star Vegas.
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 […]
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 […]
Malaysian company MQ Technology Bhd is seeking shareholder approval to diversify into gaming related businesses, according to a recent filing to Bursa Malaysia. The proposed diversification is pursuant to a December 7 marketing agreement entered into between MQ and Vivo Tower Holdings Ltd, the latter of which owns the license to operate the casino in […]
Casino operator Donaco International has announced the signing of a new agreement with RGB Ltd to enhance its slot machine portfolio at Star Vegas casino in Cambodia. Donaco currently operates 1,522 slot machines at the Star Vegas property, with the majority of machines supplied by distributors under revenue share deals. Under the new agreement, RGB […]
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 […]
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 […]
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 […]
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 […]
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 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 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 […]
Over the past 20 years, parts of Indochina have become a hotbed for casino gaming. Yet while this corner of Southeast Asia can be a challenging environment and not a guaranteed license to print money, certain casino operators have struck gold there. Arguably two of the region’s biggest winners are Crown International Club in Danang, Vietnam and NagaWorld in Phnom Penh, Cambodia.
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 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.