Donaco International has entered into an agreement to acquire the Star Vegas Resort & Club in Poipet, Cambodia, for US$360 million.
ASX-listed Donaco (DNA), headed by two nephews of Genting Group Chairman Lim Kok Thay, is best-known as owner of the recently expanded and rebranded Aristo International casino and hotel in northern Vietnam near China’s Yunnan province.
Poipet, on the western border of Cambodia, is home to nine casinos and is a popular destination for players from Thailand, where casinos are illegal.
Investment brokerage Union Gaming Research Macau believes the acquisition could add A$76 million to Donaco’s EBITDA on a pro forma basis. “The Star Vegas is, in our view, a best-in-market asset and is the only resort in Poipet for which an argument can be made that it is approaching international standards,” the firm said.
The property currently houses 385 hotel rooms, 109 live table games and 1,264 slots and EGMs.
·
RelatedPosts
