Donaco International, the casino operator run by relatives of Lim Kok Thay, is expanding its casino in Vietnam and on the lookout for fresh investments.
Sydney-based Donaco, controlled by Joey and Ben Lim, nephews of the Genting Group chairman, stated in a recent A$75 million private share placement on the ASX that it is eyeing a “strong pipeline of opportunities”.
”A couple of those opportunities have now come very close to bearing fruit,” said Executive Director Ben Reichel, who identified one as an existing business in the gaming and hospitality sector and the other as a new development.
”Our preference is for an existing asset where we can improve the performance, because that will give strong returns to shareholders at an earlier date,” he said.
Donaco owns 95% of the Lao Cai International Hotel located about 300 kilometers north of Hanoi and home to a lucrative foreigners-only casino catering to the Chinese border trade.
The hotel is being expanded from 34 rooms to 428, and construction is proceeding “on time and on budget,” the company said.
