Responsible for the Star Vegas Resort and Club venue in Cambodia and the Aristo International Hotel located in Vietnam, the Donaco International Limited casino operator has just announced positive news related to its operations. According to the company’s officials, Donaco has been granted a new lender extension support. The officials proclaimed that the company will sign a new business agreement which will see its major lender suspend the pending principal payment of $5 million for the end of this year.
The company has also used another official filling to share more details about its new business agreement with its main lender. In this press release, Donaco International Limited revealed that the company’s obligation towards Mega International Commercial Bank Company Limited has been deferred for over six months while it should have been satisfied back on the 15th of June.
Thanks to being granted this lender extension support by Mega International Bank, Donaco International Limited can work on getting back on the right track after suffering a massive downturn in its operations due to the ongoing coronavirus pandemic.
Details About Donaco International Limited
Donaco International Limited is a prominent Asia-based hospitality and leisure company that specializes in hotel and casino operations across six countries. This Hong Kong-headquartered company emerged on the stage in 2002, which means it has been around for eighteen years. As mentioned at the beginning, Donaco International Limited is responsible for the Star Vegas Resort and Club venue located in Poipet, Cambodia.
This is the company’s flagship property which was established in 1999. At the time, it was the biggest venue of this kind in the region with over one hundred and fifty gaming tables, more than one thousand slot games, and almost four hundred hotel rooms. Another company’s successful property is Aristo International Hotel which is home to a boutique casino situated in Vietnam. The property opened in 2002 and it features four hundred hotel rooms, loads of gaming tables as well as three hundred electronic gaming tables.
Today, Donaco International Limited is a pioneer, leading casino operator in Vietnam which owns a massive ninety-five percent stake on the market alongside the Vietnam Government. When it comes to the company’s revised business arrangement with Mega International Commercial Bank Company Limited, it also features year-end waivers on the company’s loan covenant in addition to the suspension of stipulations according to which Donaco International had to keep aggregate cash alongside equivalents worth close to $14 million.
Settling the Principal Payment
The company’s officials have also shared more details about its business arrangement with Mega International Commercial Bank Company Limited. In return for that six months extension, the Taipei-based financial entity has obliged Donaco International Limited to utilize any sort of capital that might be inserted into its business operations before this year ends in order to boost settling the principal payment of $5 million.
One of the company’s latest official press releases proclaimed that Donaco International Limited warmly welcomes the financial support by Mega International Bank which will be of great importance during these rough times and financial losses triggered by the ongoing coronavirus pandemic. Just like all other casinos and hotels in the area, Donaco had to shut down temporarily its flagship properties back in March. Needless to say, the loan extension deal will help the company remain in a dynamic, sustainable position.