• 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

Asian casino operator Donaco restates US$100-mln loan

Mar 09, 2016 Newsdesk Latest News, Rest of Asia, Top of the deck  


Asian casino operator Donaco restates US$100-mln loan

Southeast Asia casino operator Donaco International Ltd says that its earlier classification – for accounting purposes – of the whole of a US$100-million bank loan as a current liability was “overly conservative”.

The firm said in a filing on Tuesday to the Australian Securities Exchange: “… only some of the principal amount – not all of it – is repayable in the next 12 months”.

Donaco said that as a consequence, its board had decided formally to reissue the company’s accounts for the half-year to December 31. The reissued accounts restate the loan liability, showing that as of December 31, US$25 million of the principal was repayable within 12 months. Of that amount, US$10 million had been paid, and US$15 million was due on July 1, with a further US$15 million payable on January 1, 2017.

Donaco had said in a filing in March 2015 that it had obtained a facility of US$100 million from Taiwan’s Mega International Commercial Bank Co Ltd, commonly known as Mega Bank. Tuesday’s filing confirmed that was the loan in question.

The securing of the three-year term loan followed an announcement that Donaco was acquiring the Star Vegas Resort and Club (pictured), a casino property in Poipet, Cambodia, for a consideration price of US$360 million.

The casino operator has said that the acquisition was immediately accretive to group revenue. The firm also operates the Aristo International casino hotel in Lao Cai, in northern Vietnam.

“The loan repayment is not onerous, given the company’s strong cash flow generation. Cash flow from operations in the December 2015 half was AUD43.98 million [US$32.6 million],” noted Donaco in its Tuesday filing.

On February 24, Donaco reported casino operating revenue of AUD68.8 million for the six months to December 31, compared to AUD8.6 million in the prior-year period.


  • tweet
Related articles
  • Foreigner-only Vietnam casinos seek local trade: report
    Foreigner-only Vietnam casinos seek...

    Mar 02, 2021  

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

    Mar 02, 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 4Q as revenue dips

IGT quarterly loss doubles sequentially 4Q as revenue dips

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