Inside Asian Gaming

IAG APR 2020年4月 亞博匯 16 亞博匯早報 BREAKFAST BRIEFS DONACO REACHES SETTLEMENT WITH THAI VENDORS DONACO與泰國 賣家達成和解協議 DONACO International Ltd has reached a settlement with the Thai vendors and owners of the property upon which its flagship Star Vegas casino sits that will see all legal proceedings immediately dropped and Donaco’s Star Vegas lease renewed for 95 years. The settlement brings multiple proceedings to an end including an arbitration claim in Singapore, where Donaco was seeking US$190 million in damages, and a Cambodian court battle over a disputed 50-year land lease deal for Star Vegas, both related to Donaco’s assertion that the vendors continued to run gaming operations in Poipet in defiance of non-compete provisions. Details of the agreement suggest that Donaco has ceded considerable ground in negotiations with the Thai vendors in order to guarantee the continuation of Star Vegas operations. Those concessions, aside from dropping litigation, include removing non-compete provisions from the Share Sale Agreement between the parties, allowing the Thai vendors to continue running gaming operations at Star Paradise, the competing casino they built next door to Star Vegas in 2016. Under a new lease agreement running until 2115, Donaco will pay the vendors US$20,000 per month for the first five years and US$30,000 per month for the following five years, with rent then increasing by 3% every three years. Donaco will also pay 25% of any Star Vegas EBITDA in excess of US$16 million for the next five years. Explaining the reasoning behind the settlement, Donaco said it weighed the potential benefits of litigation, particularly in Singapore, against the risk of having its Star Vegas lease terminated. Donaco International Ltd與泰國賣家們達成和解，後者亦是 Donaco旗艦Star Vegas娛樂場所處物業的擁有人。和解協議達成 後，所有相關法律行動將立即撤銷，而Donaco的Star Vegas租約 亦會被延長95年。 這次和解終止了多宗官司，包括一項在新加坡的仲裁聲請， 當中Donaco求償1.9億美元；而一場在柬埔寨的法律戰，則是關 於Star Vegas的一份50年租地協議的糾紛。這兩宗官司裏，Dona- co都聲稱該批賣家違反不競爭條款，繼續於貝別經營博彩活動。 協議的細節顯示，Donaco在與Somboon Sukcharoenk- raisri、Lee Bug Tong、Lee Bug Huy、Lee Hoe Property Co. and Ltd和Paramax Co等的談判過程中作出很大的讓步，以保證Star Vegas能繼續營運。 除了放棄訴訟外，那些讓步還包括移除在與各方簽訂的股份 出售協議中的不競爭條款，容許泰國賣家們繼續在Star Paradise 經營博彩業務。Star Paradise是由賣家們於2016年在Star Vegas 旁興建的對手賭場。 在一份到2115年才完結的租賃協議下，Donaco將於首5年向 賣家們支付每個月2萬美元，並在之後5年支付每個月3萬美元，隨 後租金將每3年上升3%。而如果Star Vegas的EBITDA在未來5年 間超過1600萬美元，Donaco將會支付當中的25%。 Donaco在解釋和解背後的理由時表示，其將訴訟尤其是在 新加坡的訴訟的潛在益處，與終止Star Vegas租約的風險進行了 權衡。