Donaco completes Star Vegas settlement
Sydney, Jan 11, 2021 AEST (ABN Newswire) - Donaco International Limited (
ASX:DNA) (UGS:FRA) is pleased to confirm that the dispute surrounding the Star Vegas Casino, originally announced on 3 March 2020 has now formally been concluded. This follows the approval from Megabank announced on 22 December 2020.
The accounts for the Half Year Ending 31 December 2020 will fully reflect the positive outcome in accordance to the terms of the settlement. In addition, as recently detailed (18 December 2020), the business has continued to improve to a positive EBITDA as impacts from Covid-19 have moderated from earlier extreme levels. The Company's debt has been reduced significantly and a solid platform for growth is now emerging.
About Donaco International Ltd
Donaco International Limited (ASX:DNA) operates leisure, entertainment and associated technology businesses across the Asia Pacific region.
Donaco's 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.
Donaco's 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.
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