Despite announcing in February that its half-year gross revenues had slipped by over 14% year-on-year to stand at $45.34 million, Asian casino operator Donaco International Limited has now reportedly managed to renegotiate the terms of a loan it earlier took out with Mega International Commercial Bank Company Limited.

According to a report from GGRAsia, Sydney-listed Donaco International Limited revealed that it had already paid off $63.4 million of the loan while the remaining $56.6 million had been expected to come due this month.

However, the firm behind the Aristo International Hotel in northern Vietnam and Cambodia’s Star Vegas Resort and Club has now reportedly extended this due date with the Taiwanese bank by a further three years until August of 2020.

“The term has been extended to three years from the date of drawdown, [which is] expected to be in late-August [of] 2017,” read a Tuesday statement from Donaco International Limited cited by GGRAsia.

Donaco International Limited reportedly explained that the renegotiated terms of the loan will see 15% of the principal amount repaid every six months while the interest rate has been set at a margin of 6% over the six-month London Interbank Offered Rate, which is lower than the previously-agreed 6.75%.

February’s financial filing saw Donaco International Limited reveal that its group earnings before interest, tax, depreciation and amortization for the six-month period to the end of December had declined by almost 15% year-on-year to $25.59 million although its net profit after tax rose by 4.9% to $11.37 million. But, the firm explained in July that it would be adding approximately 100 gaming tables to its casino inside the Star Vegas Resort and Club after inking a new deal with a local marketing firm to bring new junket operators to the property.

Donaco International Limited renegotiates multi-million-dollar loan was last modified: August 17th, 2017 by Adam Morgan