Australian-listed Donaco International Ltd says the appointment of a new CEO is imminent as it looks to complete a comprehensive makeover of its boardroom and senior management.
The company on Tuesday announced a statutory loss of AU$59.0 million for the year ended 30 June 2020, improved from a loss of AU$198.0 million in FY19. The FY19 result took into account an impairment loss on its Cambodian casino license. Star Vegas in Poipet and Aristo International Hotel in northern Vietnam have been closed since 1 April.
Donaco has since mended its relationship with the Thai vendors of Star Vegas via settlement of all legal cases, including the recent appointment of one of those vendors – Lee Bug Huy – to the board on 3 August.
Chairman Mel Ashton, Simon Vertullo, Rod Sutton, Kurkye Wong, Leo Chan and Porntat Amatavivadhana have also joined since December 2019, with long-time company secretary Ben Reichel, former Chairman Stuart McGregor and non-executive directors David Green and Yugo Kinoshita making way. Company founders Joey and Ben Lim were voted off the board in July 2019, while CEO Paul Arbuckle was the most recent departure after just a year in the job.
“A CEO search to replace former CEO Paul Arbuckle is at final stages with an appointment imminent,” the company said on Tuesday.
Donaco, which saw revenue down 38% to AU$53.5 million and EBITDA down by 65% to AU$10.3 million, said it is waiting to reopen both Star Vegas and Aristo once their nearby borders with Thailand and China respectively are open again.
“We are optimistic that the COVID-19 situation will improve in FY21,” said Ashton. “There has been significant progress towards the reopening of international borders broadly across Southeast Asia, so we are optimistic that the situation will continue to improve in the region.
“We remain flexible and we will adapt to the border changes. Our casinos are ready to fully reopen when the situation warrants.”