Donaco International Seeks US$5 Million Loan for DNA Star Vegas in Poipet City

• 5 May 2022
• Local News
• 1372 Views

Border casino operator Donaco International Ltd says its directors have approved a new loan facility of US$5 million to support DNA Star Vegas in Poipet city, the GGRASIA reported on 3 May.

The Monday 2 May announcement came as the firm passed the two-year milestone regarding the temporary closure of what had been its main money-earner prior to the COVID-19 pandemic.

In filings, the company now refers to that property – in Poipet on Cambodia’s border with Thailand – as “DNA Star Vegas”.

In a Monday 2 May filing to the Australian Securities Exchange, regarding the loan facility, Donaco reiterated it had been “severely impacted by the COVID-19 pandemic and, in particular, the consequent closing of international borders which has significantly affected the level of patronage at its casinos in Vietnam and Cambodia”.

The company expects that DNA Star Vegas to reopen, although no indication has been formally received from Cambodian government authorities as to when this will occur.

This follows the Cambodian government’s announcement mandating the temporary closure of all casinos from 1 April 2020.

The firm said the funds made available under the facility provided by its CEO will allow for continued balance sheet protection to guarantee the business remains in a sustainable position until wider conditions improve.

 

 

• Business and Market
• Economy and Finance