• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Friday 9 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Thai vendors of Donaco’s Star Vegas to assume greater control with AU$14.4 million entitlement offer as more board members prepare to step down

Ben Blaschke by Ben Blaschke
Sun 5 Jul 2020 at 08:04
Deconstructing  Donaco

Star Vegas in Poipet, Cambodia

28
SHARES
637
VIEWS
Print Friendly, PDF & Email

Donaco International Ltd has announced plans to raise AU$14.4 million in equity by way of a fully underwritten pro rata non-entitlement offer.

The offer, which will make available one new share for every two existing shares, is being underwritten by the Thai vendors of Donaco’s Star Vegas casino in Poipet, Lee Bug Huy and Lee Bug Tong, who hold a 17.99% stake in the company. Ironically, it was only a few months ago that Donaco was involved in a series of legal battles with Huy and Tong before recently reaching a settlement following a series of changes to the board.

In a Friday filing, Donaco said the new board “has determined that the company is in urgent need of capital as a result of the impact of COVID-19 on the company’s gaming operations and the requirement to make repayments under the company’s debt facilities with Mega Bank.”

It added that a variety of other funding options had also been considered but that none were deemed appropriate given the current status of the company’s borrowing with covenant waivers being required.

“In the circumstances, the company has decided to proceed with the entitlement offer providing eligible shareholders with an opportunity to invest in the company while steering funding certainty by having the entitlement offer fully underwritten by the underwriters.”

As part of the fund raising plan, Chairman Mel Ashton and non-executive director Simon Vertullo will step down from the board following completion of the offer, with Huy and Mr Paul Amatavivadhana to replace them.

Donaco’s latest fund raising venture comes as Cambodia announced Friday that all casinos would be allowed to resume operations pending approval of each property’s COVID-19 prevention plans.

Star Vegas has been closed since late March due to COVID-19, while the company’s Vietnam casino, Aristo International, reopened in May with limited operations.

RelatedPosts

Ben Attwood: Land of Wonder

Regulating the Game announces CherryHub and Ebet as joint RegTech sponsors of 2026 Sydney conference

Tue 6 May 2025 at 13:03
Unhitching Online Poker

Regulating the Game conference to include inaugural RTG Global Awards in 2026

Thu 1 May 2025 at 08:18
Crown down but Star not ruling out junkets

Star falls further as 1Q25 EBITDA loss hits AU$21 million

Thu 1 May 2025 at 07:49
10 years ago – Putting Cambodia on the map

10 years ago – Putting Cambodia on the map

Tue 29 Apr 2025 at 10:10
Load More
Tags: AustraliaCambodiaDonaco InternationalMel AshtonPoipetStar VegasThai vendors
Share13Share2
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Knife’s edge

Editorial – Knife’s edge

by Andrew W Scott and Ben Blaschke
Tue 29 Apr 2025 at 15:14

Thailand’s Entertainment Complex journey is at a critical point, with the success or failure of the initiative to be determined...

The changing face of Macau

The changing face of Macau

by Ben Blaschke
Tue 29 Apr 2025 at 15:09

Inside Asian Gaming takes a deep dive into the new, post-COVID Macau where a revenue environment that seems to be...

Born again

Born again

by Pierce Chan
Tue 29 Apr 2025 at 14:47

Premiering in September 2010 at City of Dreams, The House of Dancing Water was a visionary creation by artistic maestro...

Richard Howarth – Testing the limits

Richard Howarth – Testing the limits

by Ben Blaschke
Tue 29 Apr 2025 at 13:17

Richard Howarth, Chief Business Officer APAC for global testing laboratory GLI, discusses his career journey and his passion for fast-paced...

Evolution Asia
Aristocrat
GLI
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Galaxy Macau to host 2025 Annual Conference of the FIA – world motorsport’s governing body

Favorable VIP hold pushes Galaxy Entertainment Group’s 1Q25 profit to US$412 million

by Ben Blaschke
Thu 8 May 2025 at 14:03

Macau’s Galaxy Entertainment Group (GEG) reported total net revenue of HK$11.2 billion in the first three months of 2025, including gross gaming revenue of HK$10.9 billion (US$1.36 billion) – up 13.6% year-on-year although slightly lower than the HK$11.0 billion (US$1.38...

Solutions Showcase: Angel – Tech Minded

Baccarat side bets now contribute close to 50% of Macau baccarat revenues

by Ben Blaschke
Thu 8 May 2025 at 13:32

Baccarat side bets now contribute between 45% and 50% of Macau’s gaming revenues, representing a generational shift in player preferences thanks to the deployment of smart gaming table technology. Stakeholders told IAG that such side bets previously comprised only a...

House of Dancing Water returns to City of Dreams Macau with spectacular premiere

House of Dancing Water returns to City of Dreams Macau with spectacular premiere

by Pierce Chan
Thu 8 May 2025 at 11:11

After a five-year hiatus, City of Dreams’ epic production House of Dancing Water held its premiere on Wednesday 7 May ahead of an official opening to the public on Friday. The newly reimagined resident show is produced by Giuliano Peparini,...

Grand Korea Leisure extends casino closures until 15 February

Grand Korea Leisure’s casino revenues up to US$26 million in April

by Newsdesk
Thu 8 May 2025 at 07:03

Foreigner-only casino operator Grand Korea Leisure reported casino revenue of KRW36.2 billion (US$25.9 million) in April, up 11.5% year-on-year but down 12.7% compared with March. GKL’s casino revenue comprised an 11.7 % year-on-year increase in table revenue to KRW32.9 billion...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English