Logo of Phnom Penh Post newspaper Phnom Penh Post - Poipet casino operator won’t post net profits

Poipet casino operator won’t post net profits

Poipet casino operator won’t post net profits

Donaco Casino International, operator of Poipet’s Star Vegas Resort casino in Poipet, has announced it will not post a statutory net profit for the second half of 2017 or all of 2018, according to regional gaming news site GGR Asia.

The company will post a $113 million impairment charge – a revaluation of a ‘goodwill’ asset, such as a brand name – which stemmed directly from a dispute with a former Thai business partner.

Donaco, which has not named the offending party, claims that the former business partner, continued to operate the nearby Star Paradise casino after an agreement with Donaco had expired.

The company accused the business partner of breach of contract and sought an injunction in Cambodian court in November. It has also filed for more than $100 million in damages in Singaporean court, according to GGR Asia.

MOST VIEWED

  • Phnom Penh authorities ban march for Human Rights Day

    Phnom Penh authorities have banned a planned march as local NGOs and workers’ unions gear up to celebrate the 70th anniversary of the signing of the Universal Declaration of Human Rights on Monday, with a youth group leader saying they would march nonetheless. The UN

  • Government deports 235 Chinese scammers

    THE Immigration Department of the Ministry of Interior on Thursday deported 235 Chinese nationals, 35 of whom were female, via the Phnom Penh International Airport for their part in a Voice over Internet Protocol (VoIP) online money extortion scam. The deportees were arrested on November 26 over the

  • Phnom Penh’s Jet’s Container Night Market shuts down

    The famous Jet’s Container Night Market in central Phnom Penh has shut down due to the high cost of the land rental, company representatives claim. Jet’s Container Night Market is the largest such market in Phnom Penh. It operated for just over two

  • International buyers snap up new locally produced watch

    A Cambodian entrepreneur has launched a stylish high-end watch, hoping to promote the Khmer creative talent and increase demand for the Kingdom’s products abroad. Designer Seth Pitu launched his brand PU a mere 60 days ago, and hopes to combine traditional Khmer art with sleek