Donaco International announced that the Supreme Court of New South Wales has granted its request for a further extension until May 1 of a freezing order preventing its estranged former Thai partners from selling their shares in the company.
The previous freezing order had been set to expire at the end of February.
The spat between Donaco and its Thai vendors first came about after Donaco launched legal proceedings which alleged its three Thai vendors were running a neighboring competing business to the Star Vegas facility in breach of their contract. The vendors retaliated in 2018 by initiating termination of the lease agreement with Donaco, citing the casino operator’s lack of rental payment.
About a month ago Donaco announced that it had signed a memorandum of understanding with the Thai vendors under which all litigation matters were suspended for two months to allow the parties to conduct settlement negotiations.
AstroPay is the pioneer payment solution for thousands of consumers in Latin America, Asia and Africa, who want to purchase online on international sites, that helps merchants access new markets through its main product, AstroPay Card.
Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.