The casino operator confirms its largest lender has agreed to defer $US5 million principal payment.
Australia.- Casino operator Donaco International has announced it has received mayor support from its largest lender, Mega International Commercial Bank Co.
The company says the bank has agreed to defer its US$5 million principal payment due March 15 to December 31.
Mega Bank has also granted Donaco a waiver on all June 2020 covenants until the same date.
The company said in a press release: “Donaco welcomes this support from Mega Bank and extends thanks for the consideration given in supporting Donaco as the Company continues to be impacted by COVID-19 related travel restrictions and subsequent reduced patronage at Star Vegas and Aristo.”
The operator said it “continues to consider liquidity measures and sources of a capital injection to guarantee the business remains in a sustainable and dynamic position during this period of global uncertainty”.
Donaco closed its venues in Vietnam and Cambodia during the Covid-19 crisis. This included the Aristo International Hotel in Lao Cai, Vietnam and the Star Vegas Resort and Club in Poipet, Cambodia.