• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 27 September 2023
    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
      • Vietnam
    • Events
    • Consulting
    • 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
      • Vietnam
    • Events
    • Consulting
    • Contributors
    • SUBSCRIBE FREE
    No Result
    View All Result
    IAG
    No Result
    View All Result

    Donaco wins Cambodian court ruling against vendors preventing seizure of Star Vegas assets

    Ben Blaschke by Ben Blaschke
    Wed 13 Nov 2019 at 06:27
    Donaco pays down US$8.5 million in debt as part of loan refinancing deal

    Star Vegas in Poipet, Cambodia

    679
    VIEWS
    Print Friendly, PDF & Email

    Donaco International Limited has won a ruling by the Appeal Court in Phnom Penh, Cambodia, preventing the Thai vendors of its Star Vegas casino in Poipet from seizing assets of the business.

    The ruling follows two attempts by the vendors to seize various Star Vegas assets which Donaco says was likely as security against the vendors’ claim for a management fee dating back to 2017. The vendors had also attempted to freeze Donaco’s Cambodian bank accounts, with those attempts rejected by the lower courts on two previous occasions in July 2019 and January 2019.

    In a filing early Wednesday morning, Donaco said an appeal of the second ruling to the Appeal Court in Phnom Penh has now also been ruled in Donaco’s favor, leaving the vendors with no further avenues of appeal on the matter.

    Encouragingly for the ASX-listed firm, the Appeal Court is the same court that will rule on Donaco’s own appeal against a recent Cambodian lease arbitration decision.

    The long-running dispute between Donaco and the Thai vendors comes after the latter was originally granted permission to host gaming facilities in a neighboring property to Star Vegas in a deal that saw Donaco paid a monthly management fee of THB5 million (US$151,000), but that agreement expired in 2017 with no new management arrangements put in place.

    When Donaco objected to the continuation of gaming operations in defiance of non-compete provisions, the vendors threatened to terminate Donaco’s Star Vegas land lease.

    Donaco is currently seeking damages of US$190 million from the Thai vendors in a Singapore court, while Australian authorities have placed a freeze order on the sale or movement of shares held by the vendors.

    Share20Share2
    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 – Winning margins: how Macau is set to become more profitable than ever before

    Editorial – Winning margins: how Macau is set to become more profitable than ever before

    by Ben Blaschke
    Wed 30 Aug 2023 at 08:49

    If there were two key takeaways from the recent Q2 earnings season in Macau, they were that margins in 2023...

    PAGCOR’s Alejandro Tengco

    PAGCOR’s Alejandro Tengco

    by Andrew W Scott
    Tue 29 Aug 2023 at 13:24

    IAG sits down with PAGCOR Chairman and CEO Alejandro Tengco to discuss his 12 months in the job and ambitions...

    A September to remember

    A September to remember

    by Ben Blaschke
    Tue 29 Aug 2023 at 12:37

    IAG presents the first ever Super September, comprising the IAG Academy Summit and two exciting networking events at Manila’s Newport...

    2023  IAG Academy IR Awards: Official Nominations

    2023 IAG Academy IR Awards: Official Nominations

    by Newsdesk
    Mon 28 Aug 2023 at 18:50

    Winners will be announced at the 2023 IAG Academy IR Awards Gala Dinner, to be held in The Ballroom at...

    Softswiss
    Evolution Asia
    Aristocrat
    Solaire
    Evoplay
    Hann
    Hann
    Okada Manila
    BETER
    Okada Manila

    Related Posts

    10 Years Ago: Rearing for a comeback

    Resorts World Sentosa fined SG$95,000 in past year for customer due diligence breaches

    by Newsdesk
    Wed 27 Sep 2023 at 05:05

    Resorts World Sentosa was subject to two of the three breach notices issued by Singapore’s new gaming regulator, the Gambling Regulatory Authority (GRA), over the past year, with both relating to failure to perform customer due diligence measures. According to...

    Macau GGR climbs to MOP$15.57 billion in May

    New junket cap unlikely to be filled with only 15 of Macau’s licensed junkets currently operational, experts say

    by Pierce Chan
    Wed 27 Sep 2023 at 04:28

    Less than half of Macau’s licensed junkets are currently in operation, meaning the new annual cap of 50 junket licenses on offer in 2024 is unlikely to be filled, industry representatives have told Inside Asian Gaming. As reported earlier this...

    Philippines Senate calls for immediate sale of PAGCOR casinos to fund COVID-19 fight

    Philippines Department of Finance ready to assist PAGCOR’s casino privatization push

    by Newsdesk
    Tue 26 Sep 2023 at 19:32

    The Philippines Department of Finance says it is ready to help privatize the casino operations of gaming regulator PAGCOR, adding that the goal of preparing assets for sale by 2025 is “very feasible”. In comments made to local media outlet...

    Sustainable luxury

    Wynn Macau Ltd reveals plans to launch new resident show at Wynn Palace

    by Newsdesk
    Tue 26 Sep 2023 at 19:28

    Wynn Macau Ltd has announce plans to launch a new resident show at Wynn Palace’s Wynn Theater after inking a strategic partnership with American production company Broadway Asia. The strategic partnership will see the two companies collaborate on the concept...



    IAG

    © 2005-2023
    Inside Asian Gaming.
    All rights reserved.

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

    No Result
    View All Result
    • Subscribe
    • Newsfeed
    • Mag Articles
    • Video
    • Opinion
    • Tags
    • Regional
    • Events
    • Contributors
    • Consulting
    • Magazines
    • Advertise
    • Contact
    • About

    © 2005-2023
    Inside Asian Gaming.
    All rights reserved.

    • English