Cambodia – Asian leisure and hospitality firm headquartered in Hong Kong; Donaco International, has today agreed to settle a long running legal battle over a casino establishment in Cambodia; Star Vegas.
According to reports, Donaco, who’s largest business is the Star Vegas Resort & Club in Poipet, Cambodia, on the border with Thailand, has stated that an agreement has been reached with the Thai vendors of the establishment pending bank approval.
As part of the agreement and upon completion of payment, a non-compete clause will be removed, meaning that the vendors will be unable to operate a rival business of the successful property.
Mel Ashton, Non-Executive Chairman of Donaco International commented on the agreement:
“We thank the parties for their cooperation. The economic interests of all parties are aligned and these actions remove uncertainty around the settlement and lease as we work to finalize bank consent.”
Reportedly, the firm has stated that it has confidence that support will be gained by Mega Bank in order to complete the settlement, which includes Donaco International providing all unpaid management fees and lease payments.
Star Vegas Resort & Club, otherwise known as DNA Star Vegas Resort, established in 1999, features more than 150 gaming tables, more than 1000 slot machines and 385 hotel rooms, is currently closed ‘in response to the recent development of the Covid-19 pandemic’. The closure, effective 2nd April 2020, will be removed only on advice and guidance from the World Health Organisation and local authorities.