Donaco sees a change in fortunes at Star Vegas

Donaco International Chairman Stuart McGregor said the plans taken by the Australian casino operator to develop its Star Vegas casino business in Cambodia should pay off in due course.

The chairman cites difficulties caused by disputes between his company and the former owner of the Star Vegas Resort and Club (pictured) business in Poppe in his annual report for the fiscal year ended June 30.

However, McGregor said, “There has been progress with the introduction of new junkets in Star Vegas, the construction and introduction of new facilities in buildings to host new floors and VIP customers, the refurbishment of hotel rooms, the introduction of new gaming machines and gaming systems, and the launch of the recently announced online gaming business. These plans will keep the business going well for years to come.”

At the heart of the dispute, Donaco says, former owners of Star Vegas were willing to sign. The trio then went on to start a new business, which was being traded under the name Star. Mr. McGregor said the rival casino had changed its name from Star Paradise to Winners.

Donaco is seeking damages of up to US$190 million against the three in Singapore arbitration. “The board wants a swift resolution to this matter, but unfortunately, the hearing date has been set for July 29, 2019 as lawyers and arbitrators are unable to attend,” Mr McGregor wrote.

The executive paints a hopeful picture after a difficult year for his company. Donaco reported in August that it had a net after-tax profit of A$18.3 million ($13.34 million) on revenue of A$96.2 million in the fiscal year last year, and A$54.6 million on revenue of A$136.4 million in the prior year.

The company posted a net after-tax profit of A$31 million in the prior year, and a net after-tax loss of A$124.5 million in the last fiscal year, including non-recurring items. Donaco said the net after-tax net loss took into account A$143.9 million non-cash impairment cost to the value of its Star Vegas casino license due to a dispute with its previous owner.


The company’s biggest business is Star Vegas, which has more than 100 game tables, more than 1,000 slot machines, and 385 hotel rooms. The Aristo International Hotel is a boutique casino in northern Vietnam that sits on the border with China’s Yunnan Province and has about 400 rooms.

BY: 안전 슬롯사이트

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