Donaco extends closure of Vietnam casino for another week as PM hints at easing restrictions - IAG
Tuesday 21st April 2020
Donaco International Limited has extended by seven days the temporary closure of casino operations at Aristo International Hotel in Lao Cai, Vietnam, amid the ongoing COVID-19 pandemic.
The extension comes despite comments made by Vietnam's Prime Minister, Nguyen Xuan Phuc, on Monday suggesting that some social distancing restrictions may be eased in certain parts of the country later this week.
While more details on such measures will be announced by the government on Wednesday, Donaco said in a Tuesday filing that it will keep Aristo closed for at least one more week.
"The Company believes the current COVID-19 situation poses a risk to the health and safety of staff and visitors at Aristo if operations resumed, which could have adverse long-term consequences for Donaco," it said.
"The Company's Star Vegas Casino operations in Poipet, Cambodia also remain temporarily closed in line with Government restrictions.
"The Board and Management will continue to proactively monitor developments in the rapidly changing COVID-19 situation and swiftly provide further updates in due course."
Donaco recently revealed an estimated cash burn of up to US$900,000 per month while its casinos in Vietnam and Cambodia remain closed, adding it has cash reserves to survive for more than a year.