Operator News
Vietnam – Donaco raises $75m for new hotel
By Phil - 26 March 2014
Donaco International, the Sydney-based operator of Lao Cai International Hotel and casino in northern Vietnam, has sold 56.39m shares to investors to raise $75m in order to construct a second
hotel at Lao Cai, close to the border with China’s Yunnan province.
The shares were sold to investors at $1.33 each. The money will be used to vastly increase the number of hotel rooms at the property from 34 to 428.
Donaco Chief Executive Joey Lim said: “The construction of our new five-star hotel property continues on time and on budget. We have sufficient funds to ensure the liquidity of our much larger gaming business in the new property.”
Mr. Lim added that the operator was looking to buy similar gambling and hotel assets in other parts of Asia. “We have continued to examine potential investments in other assets. We cannot guarantee that any deals will be concluded in the short term.”
Lao Cai International Hotel was opened by Donaco in 2002.
