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Donaco completes settlement of Star Vegas dispute

The settlement was approved on December 22.
The settlement was approved on December 22.

The Australia-listed operator has said the outcome from the arrangement will be seen in half-year financial results.

Australia.- The casino operator Donaco International has finally completed the settlement arranged to close its legal dispute with Star Vegas.

In November, the operator said it had made progress in settling a dispute with a former Thai partner regarding the Star Vegas Casino in Cambodia by naming two of its former executives, Lee Bug Huy and Paul Porntat Amatavivadhana, to its board of directors.

All claims were withdrawn and the company was awaiting authorisation from the authorities and for Mega International Commercial Bank’s consent to fulfil parts of the settlement.

According to a new filing, the settlement announced on 3 March 2020 has now formally been concluded following the approval on December 22.

The company said: “The accounts for the half-year ending 31 December 2020 will fully reflect the positive outcome in accordance to the terms of the settlement.

“In addition, as recently detailed, the business has continued to improve to a positive EBITDA as impacts from Covid-19 have moderated from earlier extreme levels.”

Donaco’s debt has also been “reduced significantly and a solid platform for growth is now emerging,” the company said.

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Donaco land-based casino STAR VEGAS