Boutique Asia casino operator Donaco International posted a net loss of A$36.8 million ($26.1 million) for the six months ended Dec. 31, 2018 on Thursday, compared with a net loss of A$133.8 million a year earlier.
In a filing with the Australian Stock Exchange, the casino company blamed the net loss on impairment costs related to its Cambodian casino operations.
Donaco operates Star Vegas Resort and Club (pictured) in Poipet, Cambodia, and Aristo International Hotel, a casino hotel property in northern Vietnam, near the border with China.
In a filing on Thursday, Donaco said its net loss in the first half of fiscal 2019 included A$38.2 million in non-cash impairment from its Star Vegas casino license, which it accused of “vendor breach of contract.”
Donaco previously said damage to its Star Vegas business was a direct result of “violation of agreement.” The Australian-listed company claimed the former business partner was still running the Star Paradise casino, even though Donaco’s contract to operate Star Paradise had expired and not been renewed.
“The Board continues to pursue legal proceedings to enforce its legal rights against Thai suppliers and receive financial compensation for losses incurred,” the company said in a recent filing.
Donaco said it had received a provisional injunction that would prevent its former business partner from terminating a 50-year lease on the land where the Star Vegas casino is located, and the matter would be arbitrated in Cambodia.
“Donaco’s main legal claim is in Singapore arbitration, and the company is seeking $190 million in damages,” the company said. “The claim is scheduled to be heard in July 2019, and is supported by a freeze order obtained by Donaco on the company’s shares, which is currently extended through Oct. 4, 2019.”
New Silk Road Gets Approval For Jeju Casino Business
New Silk Road Culture Tensions Co. said the Jeju governor of South Korea has officially given the green light to its subsidiary, Macrolink Mounds of Honor, Inc., to pursue the Mounds of Honor casino resort business.
New Silk Road told the Hong Kong Stock Exchange on Friday that the development of the Hill of Glory promised to bring “sustainable” returns.
In 2017, New Silk Road announced that it had taken control of the macrolink hills of glory, injecting funds to develop a large resort complex on the hills of glory, including a “large casino”.
New Silk Road said last year it has a 55 percent stake in the Hill of Glory project. The company said the development will include five-star hotels, shops, homes, entertainment complexes, medical facilities, theme parks and golf courses.
New Silkroad already operates the Mega Luck Casino at the Jeju KAL Hotel on the island. The casino is open to foreigners only.
The company reported in August that its gaming business in Jeju had gross profit of HK$28.69 million ($3.66 million) in the first half of 2018, up 193.7% from a year earlier, as its business grew in the VIP gaming market.
In 2017, New Silk Road said Lawrence Hoya-Lung’s casino development company had a strategic alliance with Melco International Development, which would see it offer planning, development and execution advisory services as well as preparation and marketing events for the commercial launch of the casino, dubbed the “new casino.” Melco International controls the City of Dreams complex in Macau, Altira and Studio City Casino resorts, and Melco Resorts and Entertainment Limited, the company behind Manila’s City of Dreams resort.
Park Jin-man, head coach of the Samsung Lions in professional baseball, declared that he would ring at least 80 “el Dorado” for fans during the opening game of the 2024 season.
The “El Dorado” that coach Park mentioned is one of the most beloved cheering songs by Samsung fans. It was a song that resonated in the stadium whenever the team won during the Samsung Dynasty, and fans enjoyed the victory by singing along to the song.
In other words, the Eldorado is the symbol of Samsung’s victory. Park has vowed to post at least 80 wins out of 144 games this season.
As Samsung ranked eighth with 61 wins, 82 losses, and one draw last season, it promised better performance than that. “(El Dorado) is a song that we used to listen to during the dynasty,” coach Park said. “We will continue to build a team by taking over the atmosphere of that time.”
In the early part of this season, Samsung failed to win nine consecutive games, struggling at the bottom of the league. However, the reversal started in April. The league’s ranking has jumped to a tie for second place. Samsung has 23 wins, 17 losses and one draw so far.
One of the reasons for the rise is the harmony of the young spirit’s starting lineup and veteran bullpen.
First of all, Won Tae-in, who became the oldest Korean player in the starting rotation, boasts the best ace pitchers in the league by ranking first in multiple wins (five wins) and second in ERA (1.55). In addition, left-hander Lee Seung-hyun, who turned to starting pitcher this year, is showing good pitching with 2-1 loss and an ERA of 1.71. Lee Ho-seong (1 wins, two losses and 4.03 ERA) in his second year is also holding steady opportunities to start.
Won Tae-in said, “I think I became the oldest player (among domestic pitchers) too quickly, so I honestly don’t know what to do,” but added, “I want to bear the burden and make the juniors take the mound in a comfortable situation.”
Coach Park also said with a smile, “We are probably the youngest among the 10 Korean teams except for foreigners.” “With more experience, we won’t have to worry about starting for 10 to 15 years,” he said with confidence.
When they complete their mission, the iron-wall bullpen will tie the game. Lim Chang-min in the seventh inning, Kim Jae-yoon in the eighth inning, and Oh Seung-hwan in the ninth inning take the mound in succession to protect Samsung’s victory.
Among hitters, Kim stands out the most. Kim has recorded nine homers, 46 hits, 26 RBIs and 24 runs in 40 games this season. His batting average is .300 with one run. Even after receiving the duty as cleanup hitter recently, Kim’s bat has not cooled down.
In addition, fielders in their early 20s, including Kim Ji-chan, Kim Jae-sang, Lee Jae-hyun, and Kim Sung-yoon, show lively play. Veteran players, including captain Koo Ja-wook, Kang Min-ho, David McKinnon, and Kim Heon-gon, are playing the role of troubleshooter.
However, there is a task that Samsung must solve in order to make El Dorado ring at least 80 times. It needs to increase its home winning percentage.
This is because the team has displayed quite contrasting performances both at home and away matches so far. Samsung has won 16 games, lost six games and drew one tie, ranking first in away matches among the 10 teams. It is also the only team that has an away win rate of over 70 percent (72 percent).
However, Samsung ranked last in home winning percentage. Its home record is seven wins and 11 losses. Of the 10 teams, Samsung is the only team that failed to exceed 40 percent. Its first home win came out on April 14 for the first time.
Currently, Samsung is tying for second and is eying the top spot in the league. From Friday to Sunday, it will play three consecutive games during the week against the SSG Landers, away from Munhak. On weekends, it plans to invite the Hanwha Eagles to its home ground to continue its competition.
Liverpool, led by head coach Jurgen Klopp, drew 3-3 against Aston Villa at 2023-24 PL 37R at Birmingham Villa Park in England on the 14th (Korea time).
Liverpool led 2-1 in the first half on the day, including the first goal scored in just two minutes, and 3-1 in just three minutes from the start of the second half, with just shy of victory. However, Liverpool lost two goals with five minutes left before the end of regular time, resulting in a draw like a defeat.
Klopp expressed his feelings about the draw on the day, saying, “I’m not disappointed at all. I think I should, but that’s not how I feel today. I’m rather happy.”
There was also a dagger for Tottenham.
“Of course, we have confirmed our entry into the UCL, but going to the Champions League will probably be everything that Villa cannot give up. It is really positive that we took the lead against Aston Villa under Coach Unai Emery, who has a great teamwork,” he said, adding that he weighed on Aston Villa’s move to the UCL.
In other words, Tottenham’s chances of entering the UCL, which competes with Villa, are relatively low.
Klopp, who continued to explain the 3-1 lead, cited laxity and fatigue as factors for the draw.
“We get a little tired, the organization gets a little loose, that’s what we did. We made a 3-2 mistake, and straight away Villa took the opportunity again. They hit the point (additional goal).”
In addition, he expressed his sorry for the poor performance of third place than expected.
“I know (the fans) don’t want to hear it, but we have become the third-best team in the league this season. We have changed a lot and improved along the way. I really like the team. Even though we didn’t keep the championship race to the end, we laid a good foundation for the future,” he said, explaining that the season was more forward-looking than immediate results.
“I had a great time today. I still can’t believe it’s the last time or what it is, I know it’s the last time but it doesn’t. I was completely into the game, and I didn’t think for a moment whether it was my last away game or not,” he said in expressing his feelings about the last away game.
“The away fans are always wild. We asked them to support us at home-away over the years. What a wonderful, lovely relationship! I always try to express my gratitude, and I hope today’s game against Liverpool confirmed some of this,” he said, expressing his gratitude and love for the fans.
Meanwhile, at the end of the interview, there was also a story about Andy Robertson. Klopp summed up the situation, saying that Robertson’s return is not far off, saying, “I met him this morning and he said he was ready to train from tomorrow.”
Klopp’s last match will be against Hwang Hee-chan’s Wolverhampton at Anfield on the 19th. After the match, Klopp’s nine-year-old partnership with Liverpool, who was the longest in his managerial history, will end.
In the men’s division, a large number of foreign coaches have been appointed. Following the previous Korean Air (Tommy Tilikainen) and OK Financial Group (Ogino Massage), coach Miguel Rivera of KB Insurance, Philip Blanc of Hyundai Capital, and Mauricio Paes of Woori Card will debut from next season. Samsung Fire & Marine Insurance (Kim Sang-woo) and Korea Electric Power Corporation (Kwon Young-min) are the only two coaches in Korea.
It is a new variable and interesting factor that has emerged in the men’s division. Tommy and Ogino had a showdown at the championship game last season. Ogino had an impressive first year as a coach, stressing communication and system. For this reason, the key to the team led by foreign coaches is what color of volleyball the rest of the country will display in the upcoming season.
The 2024 Korea Volleyball Federation (KOVO) men’s foreign player tryout in Dubai, the United Arab Emirates (UAE), continued to have “variables,” adding to the fun. Samsung Fire & Marine Insurance and OK Financial Group did not renew their contracts with Yosvani (Cuba, Italy) and Leo (Cuba), respectively, but they were eventually ranked sixth and seventh in the nomination order and dropped their heads.
On the contrary, Korean Air, which was ranked first with a probability of 3.57 percent, chose Yosvani, and Hyundai Capital, the second, chose Leo. Samsung Fire & Marine Insurance, which received the sixth pick, chose Mattei Kok (Slovenia), who left after playing for Woori Card last season due to injury in his left ankle. The three will play in the V-League next season by changing uniforms.
Yosvani and Leo are proven resources in the V-League. In particular, Yosvani played for Korean Air as a substitute for the 2020-2021 season. Last season, he also scored 1,068 points in 36 games for Samsung Fire & Marine Insurance. He is so aggressive that he ranks first in scoring and serving.
Needless to say, Leo was the MVP of the regular season league. Most of them were ranked at the top of the list of attack indicators, including scoring, attacking, serving (ranked second above), and ranking first in open attack. With Leo’s addition, Hyundai Capital will form a formidable offensive triangle formation with Jeon Kwang-in and Heo Soo-bong. On the contrary, Samsung Fire & Marine Insurance and OK Financial Group have a task to fill the gap between them.
Manuel Luconi of Italy, who was selected by OK Financial Group coach Ogiino, is 192.1 centimeters tall but has a Sargent jump of 98 centimeters. Luconi said, “I am a different player from Leo. I believe I can do better (than Leo). I can play more team games.”
In particular, Mattei will have to deal with Woori Card’s teammates from next season as an enemy. Mattei said, “We have continued to have strong relations with our card players and we still have good relations. If I declare war, I would like to say that the better team will win,” as I always say.
Hong Kong-listed casino operator and developer NagaCorp Ltd posted a 53.1% year-over-year increase in full-year net profit to $39.6 million in 2018. The growth came in a 54.9% increase in gross game sales (GGR) at its Naga World complex (pictured), to $1.43 billion, it said in a filing on Wednesday.
Nagakov said he achieved “strong business volume growth across all segments” in 2018, especially in VIP games that recorded “customer demand for higher table restrictions and rolling growth.” It also said “increased investment-related visits to Phnom Penh also contributed to the increase in VIP business volume.”
The group declared a final dividend of 0.0291 per share for the period, which will be paid on May 17, subject to shareholders’ approval at its annual general meeting scheduled for April 26.
“Net income for the year would have increased 100% except for the $60 million fee impact we earned in 2017 in connection with the allocation of licensing rights to certain investors to operate multiple electronic game consoles,” the company said. “The company prepared for demand but did not opt for a similar deal in 2018,” the company added.
“By 2019, all of the top four Macau mega-junkets will operate in Naga 2,” Nagakov predicted. Nagakov did not identify the four junket operators mentioned, but added Suncity Group’s Naga 2 operations “will be relocated to a larger and more desirable location in the first quarter of 2019.”
Investment analysts say Suncity Group is one of the largest VIP gambling organizations in Macau.
Guangdong Group, a Macau-based junket operator, confirmed to GGRAsia last month that it was expanding its VIP gaming service to Naga 2. In a written response to GGRAsia, the junket company noted that it would be in the trial phase from “early January” for its newly launched service, which it partners with other investors in Naga 2 at the time.
Earlier this month, Takchun Group, another leading Macau investor in gambling junkets, announced that it was preparing to open a VIP gaming club at the Nagaworld casino resort complex in “mid-February.” The announcement did not clarify whether the new club was originally in the Nagaworld building or nearby Nagaworld 2.
“Nagakov continues to beat expectations as demand is very robust in all gaming segments and in both properties,” Union Gaming Securities Asia Ltd analyst Grant Govtsen said in a note released after the casino operator’s results were announced.
He added: “Naga Corp, which was the best-performing gaming stock globally in 2018, remains our top ranking, and we expect to continue to spur Naga2 to reach its full potential during 2019. Naga still has numerous growth levers as well as green field developments (e.g., Naga3) in the coming years.”
Park Ji-hoon will continue to accompany Anyang Jeonggwanjang Red Boosters.
Jeong Kwan-jang announced on the 13th, “We have renewed the contract with Park Ji-hoon, who has become a free agent (FA), under the terms of a three-year contract period and 550 million won in compensation for the first year (including 110 million won in incentives).”
Jeong Kwan-jang started in second place in the first round last season, but he had a difficult season due to injuries and replacements of key and foreign players. Despite such difficulties, Park Ji-hoon played 53 games and recorded 12.1 points, 3.6 rebounds, and 4.4 assists for an average of 29 minutes, ranking third overall (second in the guard position) in the KBL contribution, and had the best season since his KBL debut.
In particular, Park Ji-hoon, who went through the process of development and growth in the articles of association, left a mark such as the 2023-2024 KBL Sixman Award and the first national team selection in 2023. In the 2023-2024 EASL (East Asian Super League), he played a key role in leading his team to third place in all games (eight games), and was recognized for his value.
Park Ji-hoon said, “I usually thought of coach Yang Hee-jong as a role model, and I was most affected by the love of the fans and this decision,” adding, “I will strengthen my breathing with the existing players and try to recreate Anyang’s glory with Byun Joon-hyung and Han Seung-hee, who will soon join after discharge in November.”
LG’s strength lies in its back door. From 2021 to last year, LG has never missed out on the top earned run average among relief pitchers.
This year, LG opened the season with anxiety of the must-win group. This is because of the departure of the main players.
Ko Woo-seok (Miami Marlins), who played as the team’s closing pitcher, advanced to the U.S., and Ham Deok-ju went into rehabilitation due to elbow surgery. After the opening, Kim Jin-sung, Baek Seung-hyun, and Jung Woo-young stayed in the second division due to poor conditions and injuries.
As the back door failed to hold on, LG also failed to advance in the initial race. Until April, LG’s relief pitchers ranked sixth with an earned run average of 4.40.
After going through trial and error, the relief team is showing more solid performance this month. Since May, LG’s relief team has posted an average earned run of 1.86, ranking No. 1 during the period.
In the game against the Lotte Giants on Sunday, LG’s bullpen session also shone. While Kang Hyo-jong, who started as substitute starter, allowed three runs in the first ⅓, six pitchers blocked the remaining seven ⅔ to lead his team to a 6-4 win. “Our bullpen played a good role,” LG manager Yeom Kyung-yeop said after the game.
Yoo Young-chan, who took over Ko’s position, pitched 21 innings in 20 games, winning one game, 10 saves and posting 1.71 ERA, making a successful transformation into a closing pitcher. Veteran Kim Jin-sung has been pitching in eight recent games without allowing a single goal, and Jung Woo-young, who joined the first team late last month, has also been supporting himself with stable pitching. Kim Yu-young, who failed to appear in the first team due to elbow bone fragment surgery last year, is also doing his part this year.
Amid growing trust in the new must-win group, the remaining concerns for the LG mound are foreign pitchers Casey Kelly and Detrick Ens.
In his sixth year in the KBO league, he has had only one win, four losses and a 5.52 ERA in eight games this year. He has lost points in all of the games he played this year. New foreign pitcher N.S. has won four games (one loss), but is showing signs of improvement with a 4.66 ERA.
“It is important for foreign pitchers to come alive,” Yeom said. “That part determines 50 percent of the team’s strength. I think the key to the rest of the season is whether or not the first and second starting pitchers will come alive. If these players come alive, they will be able to maintain their balance and improve the rest of the season.
Cambodia has been identified as one of 12 jurisdictions that have “strategic anti-money laundering [AML] and counterterrorism financing [CFT] deficiency prevention.”
It has joined civil war-stricken countries such as Syria and Yemen, as well as the Bahamas, the foreign investment target of the Financial Action Task Force (FATF), a global financial regulator based in Paris, France.
At the time, Cambodia had more than 100 casinos licensed by the ministry, according to a statement from a spokesman for the country’s economic finance government in May last year.
In a Friday announcement, the FATF said Cambodia had made “high-level political commitments to work with the FATF” this month with the FATF and another body, the Asia-Pacific Money Laundering Group (APG), to “fight anti-money laundering and financing of terrorist regimes and address relevant technical shortcomings.”
The 10-item plan drawn up with the country’s authorities includes “implementing risk-based supervision of real estate and casinos.”
This latest document indicates that not much progress has been made in Cambodia’s approach to some important anti-money laundering procedures since the mutual evaluation report between FATF and Cambodia was adopted in July 2017.
In September last year, the FATF’s first follow-up report on the assessment noted that “the main flaw is that Cambodia’s 2016 national risk assessment results were not provided to the reporting body.”
The FATF said in a September 2018 report that “major technical deficiencies” included no domestic legal means of handling money laundering other than the ASEAN [Association of Southeast Asian Nations] money laundering framework regarding drugs, corruption and terrorism-related crimes, no clear process for timely prioritization and execution of money laundering requests, no case management system to monitor requests, no provisions to maintain confidentiality of requests.
Boutique Asia casino operator Donaco International said on Tuesday it had terminated the hiring of Joey Lim Geng You (file photo) “immediately”.
Lim, a descendant of the family that founded Malaysian casino giant Genting, has been on sick leave since Dec. 6 from his position as managing director and CEO of Donaco.
Lim and his brother, Ben Lim Kyung-hoe, non-executive director of Donaco, held a 41.13 percent stake in Donaco as of the day, according to the company’s fiscal year report filed in October.
In early March, the company told the Australian Stock Exchange that shares worth a 27.25% stake in Donaco, previously controlled by the Lim family, were now in the hands of others. The filing does not explicitly state whether any of those shares were previously held privately by the Lim brothers or by investment vehicles related to the Lim family.
Joey Lim remains on the Donaco board as a non-executive director, according to a filing on Tuesday.
Ben Lim “remains as interim managing director and CEO at this time,” the filing added.
The regulatory release added: “The Board will begin the recruitment process to recruit permanent CEOs.”
Donaco has been in dispute with several Thai businessmen who previously owned a Star Vegas resort and club in Poipet, Cambodia. The border facility has specialized in serving customers in neighboring Thailand, where casino gambling is illegal.
Donaco claimed the trio of Thais were running two competing casinos in violation of a valid agreement. Donaco filed the dispute with arbitrators in Singapore and has been open to Australian courts about the dispute.
Donaco lost after paying A$124.5 million ($88.4 million) in taxes in the fiscal year ended June 30, taking into account the non-cash impairment cost of A$143.9 million in the value of Star Vegas’ license, a result of the ongoing dispute.
On Feb. 28, Donaco announced it had narrowed its first-half 2019 loss to A$36.8 million in the six months ended December 31, 2018, compared with a net loss of A$133.8 million a year earlier.
“The Board continues to pursue legal proceedings to enforce its legal rights against Thai suppliers and receive financial compensation for losses incurred,” the company filed on Feb. 28.
Donaco also operates the Aristo International Hotel, a casino hotel property in northern Vietnam, near the border with China.
