• Tue. Apr 13th, 2021

Donaco Boss Says Imminent Legalization of Casinos in Thailand Unlikely

The CEO of casino operator Donaco Worldwide Ltd. doesn’t assume Thailand will legalize playing anytime quickly and expressed confidence within the long-term success of their flagship property in Poipet, Cambodia.
Lee Bug Huy stepped in as CEO of the Australia-listed casino agency final yr as a part of a wider boardroom overhaul.
Mr. Lee made the above feedback this previous Friday in response to questions from buyers after the corporate revealed its report for the primary half of the present monetary yr.
Requested what he thought in regards to the potential legalization of casinos in Thailand and if his firm had measures in place to mitigate the monetary danger, the chief stated that “at this stage we don’t anticipate the Thai Authorities to legalize playing” and that as they climate the impression of the Covid-19 disaster, they may “stick with it our rigorous value management technique and put together for when the border reopens.”
Thai Prime Minister Prayut Chan-o-cha indicated that the legalization of playing was below dialogue in January. He stated that he may contemplate a casino measure in a bid to curb the proliferation of unlawful playing institutions within the nation.
Thailand has one of many hardest anti-gambling regulatory frameworks in Southeast Asia. Beneath the nation’s playing legislation, which was enacted again in 1935, state-run lotteries and betting on horse races are the one authorized playing actions.
Final yr, lawmakers adopted a sequence of measures geared toward cracking down on on-line playing operators focusing on Thai clients.
Thai Border casino Poised for Continued Progress in Put up-Pandemic World
Commenting on the prospects for his or her flagship property, Star Vegas Resort and Membership, Mr. Lee stated that the January Covid-19 outbreak within the “broader regional space” can have a short lived short-term impression on their operation.
Nonetheless, they anticipate it to be outweighed by a constructive long-term outlook as vaccinations are set to be rolled out throughout the area within the second half of the monetary yr. Vaccination started in Cambodia in March, whereas in Vietnam, the place Donaco additionally operates casinos, it’s anticipated to begin by the top of the month.
Mr. Lee additionally famous that the corporate recorded constructive EBITDA throughout the first half of their monetary yr and attributed the consequence to an efficient technique. Following the boardroom overhaul, the casino operator targeted on fixing “what needed to be mounted” and is now able to “transfer ahead as soon as the Covid-19 scenario improves.”
Situated in Poipet, close to the Thai border, Star Vegas is the most important casino complicated within the metropolis and Donaco’s most worthwhile property. The corporate bought the luxurious lodge and gaming complicated in 2015 in a transfer that elevated considerably its measurement and scale. Donaco caters to high-roller gamblers from the Thai and Chinese language markets.
Supply: “Thailand unlikely to legalize casino playing, prospects vibrant for Cambodia’s border casinos: Donaco”, Inside Asian Gaming, March 8, 2021