Donaco closer to agreement with Thai vendor
The casino operator needs Mega International Commercial Bank’s consent to issue payments agreed in a legal settlement.
Australia.- Donaco International has said it has made progress towards reaching an agreement with a former Thai vendor over DNA Star Vegas.
Donaco reached an agreement with its Thai partners at Star Vegas Casino in Cambodia earlier this year. Two former executives of the casino, Lee Bug Huy and Paul Porntat Amatavivadhana, were named on Donaco’s board in August.
The company has now announced that it has made progress toward settling litigation over the Star Vegas business and that the parties have submitted withdrawal requests to the relevant courts and authorities.
Donaco said: “The company is awaiting judgement from courts and confirmation from authorities to fulfil the conditions stated in the settlement agreements.”
It needs Mega International Commercial Bank’s consent to fulfil parts of the settlement, including payment of any outstanding rent and US$20 million to Lee Hoe Property.
The firm stated it is in discussion with Mega Bank and has sought the consents required.
It said: “Donaco remains confident that Mega Bank will support the settlement reached with the Thai Vendors and the continuation of the Star Vegas Casino.”
