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Donaco to Implement Measures for Preservation of Liquidity


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Donaco to Implement Measures for Preservation of Liquidity
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Leading casino operator Donaco International has recorded a negative EBITDA of A$1.1 million for the March quarter, compared to A$10.8 million in 2019. The March quarter was significantly impacted by border and casino closures, as a result of the COVID-19 pandemic.

The company also reported negative cash flow from operations of A$5.1 million and net debt increased to A$60.8 million from A$50.9 million in the prior-year period.

Donaco’s Star Vegas and Aristo Hotel have been closed since April 1 due to government orders in both Cambodia and Vietnam. The company said that Aristo may open sometime in May 2020, depending on a decision from the Vietnamese government.

“This was a tough quarter for Donaco with both of our casinos impacted by COVID-19 with considerably less gaming activity occurring. Now that our casinos are temporarily closed, the preservation of liquidity is a key priority. We will continue to make sure we have adequate measures in place and remain in a healthy financial position for when operations restart,” Mel Ashton, chairman of Donaco International, said.

The company said it is undertaking measures to reduce costs, including headcount, to preserve liquidity.

Asia

India Govt Blocks 138 Betting Apps with Chinese Links

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The Ministry of Electronics and Information Technology (MeitY) has started blocking around 138 betting apps with China links for their alleged involvement in money laundering, and posing threat to India’s financial security.

The crackdown on these platforms began after the government received an alert from a nodal officer of the Ministry of Home Affairs. MeitY issued blocking orders against these apps on an “urgent and emergency” basis.

“These 138 betting or gambling apps were engaging in money laundering, and were a threat to the financial security of our nation. These apps were being operated from offshore entities, mainly Chinese,” said a person familiar with the matter.

The government is exercising its power under Section 69 of the Information Technology (IT) Act, 2000, which allows its agencies to intercept, monitor and decrypt any digital information in special circumstances.

“The latest action is part of our overall crackdown on online betting activities. This, along with the online gaming rules, which would be notified shortly, would ensure no betting app operates on the internet, as part of our goal of a safe and trusted internet,” said a top government official.

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Asia

Cambodian Casinos Urged to Settle Non-Gambling Taxes

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The General Department of Taxation (GDT) reminded the directors of all enterprises engaged in commercial gambling to declare and pay taxes on all business activities other than gambling.

In a February 2 notice, GDT director-general Kong Vibol said that they must fulfill their tax obligations for gambling in accordance with the Prakas on the rules and procedures for tax declarations on the proceeds of gambling.

For business activity other than gambling, they are obligated to declare and pay taxes, according to standard tax laws and regulations.

The GDT noted that some commercial gambling enterprises had fulfilled their obligation, while some had failed to do so.

“Those who have not declared their taxes yet should consider this a reminder that failing to meet your tax obligations is punishable by law,” said the notice.

The notice stated that with the February 1 approval of Minister of Economy and Finance Aun Pornmoniroth, the ministry had agreed to eliminate late penalties, including additional taxes and late interest, to enterprises that declared and paid their tax bills before the end of March.

The GDT strongly hoped that the directors of gambling enterprises will accept their responsibilities and file their tax declarations as soon as possible.

Prime Minister Hun Sen recently complimented the GDT for collecting 122.54% of the internal tax revenue that had been targeted by the Law on financial management of 2022.

“I am very pleased and laud the results of their internal tax collection. Truly, this is an amazing result. The GDT collected 22.54 per cent more revenue that we expected, an amount that exceeded $635 million,” he said.

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Asia

Spintec and APE to renew their exclusive distribution agreement for Southeast Asia

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Spintec and APE to renew their exclusive distribution agreement for Southeast Asia
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The cooperation between Spintec Gaming Technology and Asia Pioneer Entertainment Limited (APE), which has started more than 10 years ago, has proven beneficial for both parties and has yielded important business success in the region. APE as the largest electronic table game distributor in Asia has now become the exclusive distributor for Spintec products beside Macau also in Singapore, Philippines, and Malaysia, while also remaining their trusted partner in Vietnam and Cambodia.

The 3-year exclusive distribution agreement covering the large part of Southeast Asia is providing both partners with a valuable gambit to tackle the demands of the fast-growing market in the post-pandemic era. As the market is opening and growing, both partners will be taking advantage of their strong market positions and superior products to enhance their presence in the region even further.

Their previous cooperation has brought exceptional results in all the markets of the region, but especially in Macau. With its sheer size and tight regulation, but especially with the introduction of the EGM 2.0 standard, the Macau market is becoming one of the most demanding gaming markets in the world. Spintec products are of extremely high quality and have been hugely popular in Macau, not least because of the excellent services provided by APE. Spintec products are also fully compliant with all the regulations in Macau, including the EGM 2.0, so the partners are confident that their presence in this highly demanding market will continue to flourish.

Maria Garcia, Sales Director at APE for Macau & Southeast Asia, says of the cooperation: “It is truly an honor to be working with a producer of electronic table games of such high quality and a partner that is fully committed to growing in this important region.” Mitja Dornik, Regional Sales Manager at Spintec, agrees: “Our performance in Southeast Asia is growing day by day and we are thrilled to see that APE is helping us extremely on this path.”

Herman Ng Man Ho, CEO at Asia Pioneer Entertainment Limited, emphasises the importance of the high product quality in their partnership: “As the largest electronic table game distributor in Asia, it is our company policy to work with the best producers in every segment and Spintec is definitely a part of the ETG elite.” Spintec’s CEO Goran Miskulin is also extremely proud with their cooperation with APE: “Asia Pacific is one of the most important regions for us and we are thrilled to be cooperating with a partner that recognises our advantages and is able to translate them into a strong market presence.” Goran Sovilj, Spintec’s Global Sales Director, recognises the challenges of the Southeast Asian markets: “These markets are very lucrative, but only if the commitment to quality and service diligence is paramount. We realize that we need a strong and reliable partner to deliver in this region and with APE we have found just that.”

 

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