Star Vegas to make financial comeback, Donaco says
According to Donaco International chairman, the casino business in Cambodia should pay off after a rough financial year 2018.
Cambodia.- Star Vegas Resort and Club in Poipet had a rough performance during the financial year ended June 30 due to a dispute between current owners Donaco International Ltd and the previous ones. However, Donaco chairman Stuart McGregor has forecasted that the Cambodian property is set to outperform itself in the future.
“Progress has also occurred during the year, with new junkets introduced at Star Vegas, new facilities being built and introduced at the property to attract new main floor and VIP patrons, the refurbishment of hotel rooms, the introduction of new gaming machines and gaming systems, and the recently announced launch of the online gaming operations. These initiatives will all hold the business in good stead over the next few years,” McGregor said.
The dispute between Donaco and the older owners is about a no-compete clause that the Australian operator claims the former owners of the Cambodian venue entered into. Donaco is claiming damages against them at arbitration in Singapore. “The board would like a rapid resolution to this issue, but unfortunately the hearing date is currently set for July 29, 2019, due to unavailability of lawyers and the arbitrator,” Mr McGregor explained.