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Asian casino operator Donaco International Limited has reportedly temporarily suspended its legal wrangle with a trio of minority shareholders that have been attempting to terminate the 50-year lease for the land occupied by its Star Vegas Resort and Club in Cambodia.
According to a report from GGRAsia, the Sydney-listed firm used an official filing to detail that the two-month pause applied to ‘all litigation matters’ involving Lee Bug Leng, Lee Bug Huy and Lee Bug Tong and is to be used to see if the parties can come to some sort of a settlement.
Infringement claim:
GGRAsia reported that the three businessmen hold an around 17.9% shareholding in Donaco International Limited and inked the Star Vegas Resort and Club lease agreement almost five years ago in exchange for approximately $360 million. It moreover detailed that this original deal had allegedly contained a non-compete clause that the casino operator contends was subsequently broken after the trio opened a nearby gambling venue known as the Star Paradise via their Lee Hoe Property Company Limited concern.
Cancellation counter:
Donaco reportedly later obtained an injunction from a court in Cambodia against the Star Paradise opening before launching an action in Singapore that is seeking some $190 million in damages. Lee Hoe Property Company Limited is purportedly said to have responded by threatening to void the earlier lease arrangement and force the operator’s flagship venue in the border town of Poipet to close forever.
Read the filing (pdf) from Donaco International Limited…
“The suspension applies to the Singapore arbitration claim against the Thai vendor, the lease dispute in Cambodia and all other litigation matters in Cambodia, Thailand and Australia.”
Falling financials:
Donaco International Limited is also responsible for northern Vietnam’s Aristo International Hotel and has recently been going through a period of transition following a boardroom battle and resignations. GGRAsia reported that the firm had recorded a 64.6% drop year-on-year in fourth-quarter earnings before interest, tax, depreciation and amortisation to $2.07 million due in large part to a downturn in its casinos business as associated net revenues declined by 26.1% to come in at slightly over $11.21 million.
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