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donaco-international-online-gambling-launch TAGs: Cambodia , donaco international , Star Vegas , vivo tower limited Asian casino operator Donaco International Ltd has finally launched its online gambling business, nearly two years after it received a license from Cambodian authorities. On Thursday, the Australian-listed Donaco issued its annual results for the 12 months ending June 30, during which the company booked a statutory loss of AU$124.5m (US$90.4m). However, Donaco notes that the loss was due to the AU$144m non-cash impairment charge the company announced last December. That write-down resulted from the company’s ongoing legal fight with the Thai vendor that Donaco hired to manage gaming operations at its Star Paradise Hotel, which lies next door to Donaco’s flagship Star Vegas casino in Poipet, Cambodia. It’s a long story, but the Thai vendor refused to stop operating gaming at Star Paradise (since rechristened as Winsor) following the expiration of its contract with Donaco, then opened up a rival casino (Star Paramax) nearby while also poaching Donaco’s Thai junket operators. Donaco obtained an injunction ordering both rogue casinos to close but the case continues to wind its way through Cambodia’s legal system. With all that going on, it’s hardly surprising that Donaco’s FY18 group revenue was down nearly one-third to AU$92.6m, while earnings fell 35% to AU$42.4m. Ignoring the aforementioned write-off, net profit after tax fell two-thirds to AU$18.3m. Star Vegas bore the brunt of the decline, with revenue down 42% and earnings down 54%.

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Global $279.8 Bn Online Gambling & Betting Market to 2023

Global $279.8 Bn Online Gambling & Betting Market to 2023 Dublin, Sept. 07, 2018 (GLOBE NEWSWIRE) -- The "Global Online Gambling & Betting Market - by Gaming Type, Device Type, Region - Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2017-2023)" report has been added to ResearchAndMarkets.com's offering. The Global Online Gambling & Betting Market was worth 143.32 Billion USD in 2017 and it is estimated to grow to 279.8 Billion USD by 2023 with a CAGR of 11.8% between 2017 and 2023. The Online gambling and betting refers to organizers providing gambling and betting games, such as, casino, poker, sports betting, lottery, and other games to their customers through an Internet-based digital platform. This helps customers to watch and participate in gambling and betting activities in real-time through their Internet-enabled electronic devices. The Europe region is expected to lead the Global Online Gambling & Betting Market in forecast period.

For the original version including any supplementary images or video, visit https://globenewswire.com/news-release/2018/09/07/1567871/0/en/Global-279-8-Bn-Online-Gambling-Betting-Market-to-2023.html

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