Donaco says new expansion opportunities unlikely in near term

    Donaco International says its new luxury resort in Lao Cai, Vietnam, is scheduled to open on time on May 18th, though two other possible expansion projects don’t look likely to proceed in the near term. Speaking at the company’s Extraordinary General Meeting, Chairman Stuart McGregor said that while Donaco is committed to not remaining a one-property company, it’s also not prepared to overpay for any asset. For that reason, he said that two possibilities under discussion are still live, but unlikely to come to fruition in the near term. He gave no details on what the projects are. McGregor also said the existing Lao Cai property has seen brisk growth, with average table revenue per day for the March quarter, up 17 percent from the year-ago period. However, he said there had been a slowdown in March partly due to terrorist incidents and the disappearance of Malaysian Airlines flight MH370. McGregor also said the VIP win rate turned against the company in March. For the nine-months of the financial year to date, net gaming revenue is up 29 percent, while total gaming turnover is up 21 percent.