• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Donaco seeks bank’s consent re Star Vegas settlement 

Mar 30, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck  


Donaco seeks bank’s consent re Star Vegas settlement 

Donaco International Ltd, a boutique Australia-listed operator of casinos in Indochina, says it is seeking consent from Mega International Commercial Bank Co Ltd so that Donaco can “fulfil parts of the settlement agreements” it has arranged with the Thai vendors of the Star Vegas Resort and Club property (pictured).

Such settlement was announced earlier this month. As part of the deal, Donaco has agreed to remove non-competition and non-solicitation clauses regarding its Star Vegas business, and in return will get US$38 million from the vendors’ side.

“To date, the settlement parties have submitted withdrawal requests to the relevant courts and authorities,” said the firm in its latest filing to the Australian Securities Exchange, referring to outstanding legal and arbitration matters between Donaco and the Thai vendors.

“The company is awaiting judgment from courts and confirmation from authorities to fulfil the conditions stated in the settlement agreements,” it added.

The settlement with the Thai vendors stated that Donaco will have to pay US$18 million to settle the other side’s claims for unpaid management fees plus interest. Also, as part of the deal, Donaco will furnish “any outstanding rent” and an additional lease payment of US$20 million to Lee Hoe Property Co Ltd.

In the filing, Donaco said that under the group’s facility agreement with Mega Bank, the company must obtain the lender’s consent to fulfil parts of the settlement agreements. Those include the payment of any outstanding rent and US$20 million to Lee Hoe Property, and the removal of non-competition clauses in the share sale agreement.

“Donaco remains confident that Mega Bank will support the settlement reached with the Thai vendors and the continuation of the Star Vegas Casino,” stated the company.

The casino operator announced last week it was closing “most” of its Star Vegas Hotel. The announcement did not elaborate on the impact of the measure on its gaming operations at the property.


  • tweet
Related articles
  • NagaWorld ops paused after 11 staff positive for Covid-19
    NagaWorld ops paused after 11 staff...

    Mar 02, 2021  

  • Border casino op Donaco posts positive EBITDA for Jul-Dec
    Border casino op Donaco posts positive...

    Feb 26, 2021  

More news
  • Casino surveillance biz decline leads Synectics to annual loss
    Casino surveillance biz decline leads...

    Mar 03, 2021  

  • Casino op Genting Malaysia pay cuts March-May: reports
    Casino op Genting Malaysia pay cuts...

    Mar 03, 2021  


Latest News

Casino surveillance biz decline leads Synectics to annual loss

Casino surveillance biz decline leads Synectics to annual loss

Mar 03, 2021  

Surveillance technology specialist Synectics Plc, an equipment supplier to the land-based casino industry in Asia-Pacific including in Macau and Singapore, reported a consolidated loss of nearly...
Read More
Casino op Genting Malaysia pay cuts March-May: reports

Casino op Genting Malaysia pay cuts March-May: reports

Mar 03, 2021  

IGT quarterly loss doubles sequentially in 4Q as revenue dips

IGT quarterly loss doubles sequentially in 4Q as revenue...

Mar 03, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“As a leaner, stronger company, we expect leverage to return to pre-pandemic levels in the next 12-18 months”

Max Chiara

Chief financial officer at gaming product and lottery services provider International Game Technology



Most Popular

  • Galaxy Macau to add Raffles-branded hotel towerGalaxy Macau to add Raffles-branded hotel tower March 1, 2021
  • Macau casino GGR down 9pct m-o-m in February: govtMacau casino GGR down 9pct m-o-m in February: govt March 1, 2021
  • Melco’s Lawrence Ho hopeful on Macau recovery in MarchMelco’s Lawrence Ho hopeful on Macau recovery in March February 26, 2021
  • Covid-19 test cert no longer needed for Macau casino entryCovid-19 test cert no longer needed for Macau casino entry March 2, 2021
  • Macau VIP challenged by changes in China: Galaxy Ent bossMacau VIP challenged by changes in China: Galaxy Ent boss February 25, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us