Paul Arbuckle, appointed CEO of Australia-listed casino operator Donaco International in June, says the company continues to see financial progress and increased stability after the ouster of former CEO and board director Joey Lim.
In July, Donaco shareholders voted to oust Joey and his brother Ben, also a board member. The Lims are members of the family that founded Malaysian gaming giant Genting Bhd; Joey Lim founded Donaco and was its managing director and chief executive until March 19. Ben Lim then became acting CEO, serving until the middle of June.
A company spokesman told GGRAsia shortly after their removal, “We are refreshing the board, with the recent appointment of David Green as an independent non-executive director. And we are refreshing the management team, with the appointment of Paul Arbuckle as our CEO.”
Donaco runs one casino in Vietnam near the Chinese border and another in Cambodia, near the Thai border.
Arbuckle said the company has made “operational improvements” in the three months that ended September 30 and has already seen “improved financial performance.”
Arbuckle said the group’s flagship venue, Star Vegas Resort and Club in Poipet, Cambodia, suffered from a “lack of senior casino management oversight” under the Lims.
Arbuckle has 30 years of experience in the gaming industry. He is a former chief operating officer at Australian casino firm Star Entertainment Group and has had senior roles at Resorts World Sentosa in Singapore.
In his annual report remarks, Arbuckle said, “We are further strengthening senior management, and at Star Vegas we are pleased with the appointment of Mr P.H. Chow as executive general manager of electronic gaming operations, who joined us in September.”
He said Chow had “extensive experience” in the Indochina market, having previously held the position of regional general manager for fellow Australia-listed casino firm Silver Heritage Group Ltd. “He possesses very strong gaming machine product knowledge and analytical capabilities,” he said, “and I look forward to a significant increase in gaming machine revenues and profitability under his leadership.”
Donaco’s annual loss grew 56 percent year-on-year to nearly AUD194.0 million (US$130.9 million) for the financial year that ended June 30. “Despite the statutory loss recorded for the year, our financial position is sound overall, with low levels of debt,” Arbuckle said. “Although underperforming, both our businesses in Vietnam and Cambodia remain profitable.”
