Australia-listed casino operator Donaco International Ltd announced on Wednesday that its outgoing chief executive, Paul Arbuckle, will remain in post on a “month-to-month” basis beyond his planned June departure, in order to help the firm make a “smooth transition to a new CEO”.
That is according to a filing to the Australian Securities Exchange. The firm runs casino hotel properties in Indochina: Star Vegas Resort and Club (pictured in file photo) at Poipet on Cambodia’s border with Thailand; and Aristo International Hotel and its associated casino at Lao Cai on Vietnam’s border with China.
“The Donaco Board welcomes Mr Arbuckle’s continuing support and believes it will allow a smooth transition to a new CEO,” Donaco told the bourse.
“Under the executive search process, the board has interviewed a number of quality candidates for the CEO position that are currently under consideration and is seeking to make an appointment as soon as possible,” Donaco stated.
Donaco said the key terms of its contract with Mr Arbuckle were those announced on June 11 last year. They include a fixed remuneration of AUD400,000 (US$277,300) per year, plus other short-term and long-term incentives.
Both Donaco’s casino properties have experienced temporary shuttering during the Covid-19 pandemic. In mid-May Donaco announced that Aristo International had reopened. The step came after Vietnam’s decision to allow non-essential businesses – except for nightclubs and karaoke parlours – to reopen from May 8.
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”Casinos can be re-opened only if they meet requirements of preventing Covid-19”
Official from Cambodia’s Ministry of Economy and Finance