Asian casino operator Donaco International is proposing a name change as part of a “new beginning” campaign of the company.
Australia.- The Australian-listed Donaco announced it would hold its annual general meeting (AGM) on November 29 in Sydney. Furthermore, on Monday the company invited its investors to join the event and be part of the rebranding process. An example of “a public statement that we are leaving the past behind.”
Among these changes is a proposal to rename the company to Pan Asian Leisure Ltd. The company hopes it will help shedding the current narrative of dysfunction and discord. Over the past two fiscal years, Donaco’s financial performance “was simply unacceptable”, the company acknowledged.
Donaco also pointed to its own internal transformation, noting that “the Board has been substantially transformed in the past 12 months, and for the first time, there are three independent Directors”. “The new team has already delivered significantly improved financial results at both of the Company’s casino properties in the September 2019 quarter.”
This growth is partly consequence, of cutting corporate costs, such as remuneration to key management personnel.
Donaco has been snared in a legal entanglement with a Thai company that run the gaming operations at Star Vegas; and also its adjoining Star Paradise gaming hall.
In sum up, “it is now time to leave the past behind and allow the Company to move forward with the current, stable board; which is not subject to challenge, and can focus on creating value for shareholders.”