Donaco not review sale of casino hotel in Vietnam

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Executives at border casino operator Donaco International confirmed that the Vietnam-China border had been hit by the COVID-19 pandemic remaining closed, but said the group was "not considering" selling Vietnam's Aristo International hotel operations (pictured). 온라인 슬롯

The comments, involving CEO Lee Bug Huy and CFO Gordon Lo, were recently released to discuss earnings for the six months to Dec. 31, the first half of the financial year, with analysts.

In the first half of the year, Aristo's revenue in Laocai, Vietnam, was A$600,000 ($462,495), compared to A$10.3 million a year earlier, the company said in its earnings release on Feb. 26.

Management said it had made "significant progress over the past half year" on the possibility of selling its Vietnam business.

"Aristo is a casino with a lot of potential for us and we are confident that things will stabilize when the borders reopen," the management said in a transcript of its earnings report to the Australian Stock Exchange on Friday.

"At this stage, we are not considering the sale of Aristo, and we will only consider the sale if the casino provides superior value to Donaco shareholders," the management said.

Donaco's main asset is the Star Vegas Resort and Club in Poipet, Cambodia. Management also confirmed that the border with Thailand, where Star Vegas traditionally attracts a lot of gambling customers, is now closed due to the pandemic

However, the management added that it was working again to "reduce international staff costs by attracting local customers to Star Vegas and continue to manage capital and reduce costs."

On the earnings call, management was asked if the group was currently considering raising new capital.

It stated, "We have no plans to raise funds any time soon." However, the group added that it was "not ruling out" such a move.