Donaco expands Lao Cai casino hotel

 

Donaco International Ltd. is expanding its Lao Cai International casino hotel in Vietnam near the Chinese border. The Australian-listed company is building a new 12-storey property that will have 428 hotel rooms. Managing director Joey Lim Keong Yew said the company aimed to have the gaming floor and 100 rooms ready for next Chinese new year in February and has complete nine floors of construction. The company aims to double its gaming tables to at least 16. The existing hotel has just 34 rooms and 57 gaming machines, though it is licensed to offer 300. The company said it had raised A$10.4 million ($10.2 million) through a new share issue to help fund the construction. Lim, a grandson of the Genting Group’s founder, said net profits from the hotel, which is quarter-owned by a state-owned company, rose 48.1 percent in the first quarter to $2.17 million from a year earlier while revenues rose 41.9 percent to $3.9 million.