Operator receives government approval
Vietnam casino to open by May 18
2014-04-17
Reading time 38 seg
(Vietnam).- Donaco International has passed the final regulatory barrier in its bid to open a new hotel and gaming property in the North of Vietnam, in the bordering Yunnan province.The five star 428-room hotel and casino is now slated to open in a "soft launch" on May 18, the company said.
The company is run by Joey and Ben Lim who are nephews of casino magnate K.T. Lim, the founder of Malaysian conglomerate Genting Berhad. Genting Hong Kong, which is part of Mr Lim's empire, has a strategic stake in casino operator Echo Entertainment Group.
In an announcement on Tuesday, Donaco said it had received approval by the Vietnamese government for an amended investment certificate, which allows it to relocate the hotel and casino it owns to the site of its new US$53 million development.
Following the company's most recent US$75 million capital raising in March, executive director Ben Reichel said Donaco was poised to close two deals regarding new Asian developments within months.
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