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After years of gradual investment, On Nut Road Ltd has now secured complete ownership of Donaco International, marking the end of the operator’s tenure on the ASX.
Australia-listed casino operator Donaco International Ltd confirmed on Tuesday that On Nut Road Ltd now controls 100% of its shares. The takeover was completed through a court-approved scheme of arrangement, implemented following approval by an Australian court earlier this month.
A long path to ownership
On Nut Road’s rise from minority investor to full owner tells the story of Donaco’s recent trajectory.
The company, a special-purpose vehicle managed by Argyle Street Management Ltd, first entered Donaco’s register in 2019, when it acquired 12.84% of the operator’s capital. Since then, Donaco has faced financial challenges, regulatory hurdles, and shareholder disputes that left it searching for stability.
For On Nut Road, gradually increasing its influence culminated in this month’s transaction. Under the scheme, Donaco shareholders received AUD 0.045 (US$0.030) per share in cash for each share held.
Southeast Asian casino assets
Donaco’s value lies in its cross-border casino operations.
The operator runs two main assets:
- The DNA Star Vegas casino resort in Poipet, Cambodia, located on the Thai border and heavily reliant on cross-border tourism.
- The Aristo International Hotel and casino in Lao Cai, Vietnam, close to the Chinese border, which targets regional players from Yunnan province.
Both venues give Donaco exposure to markets where land-based gambling demand remains strong but subject to significant regulatory shifts.
Challenges in recent years
The takeover comes after a turbulent period for Donaco.
The company faced lengthy disputes with former Thai vendors over its Poipet operations, leading to litigation and financial strain. At the same time, pandemic-related border closures between Thailand, Cambodia, China, and Vietnam severely curtailed visitor numbers and revenues.
Even as travel resumed, Donaco struggled to regain its pre-2019 momentum. Reports across the last two years highlighted challenges with debt restructuring, cash flow pressures, and regulatory compliance, making the business vulnerable to takeover.
Delisting from the ASX
Donaco’s exit from the Australian market marks the close of a chapter.
Trading in Donaco shares on the Australian Securities Exchange (ASX) was suspended at the close of trade on 8 August. Following Tuesday’s announcement, the company confirmed it has applied for removal from the official list, with the delisting to take effect from Wednesday, 20 August 2025.
The move means Donaco will transition from being a publicly listed entity to one privately controlled by On Nut Road, giving the new owner greater flexibility to reshape operations away from the scrutiny of public markets.
What comes next
On Nut Road now faces the task of repositioning Donaco’s business.
While the group’s two casinos remain key assets, the operator will need to strengthen its financial footing and rebuild investor confidence in its long-term future. Industry observers suggest On Nut Road could seek to streamline costs, modernise gaming floors, and deepen ties with cross-border tour operators to stabilise revenues.
At the same time, the regulatory environments in Cambodia and Vietnam remain complex, with ongoing scrutiny of casino operations and their links to wider economic and social impacts. How On Nut Road navigates these challenges will determine whether Donaco’s new chapter delivers sustained growth.
Source: GGR Asia
