Australia-listed gaming and hospitality operator Donaco International Ltd is set to be delisted from the Australian Securities Exchange (ASX) on August 20, 2025, following its full acquisition by On Nut Road Ltd (ONR)—a special-purpose vehicle tied to Argyle Street Management of Hong Kong.

What Just Happened

• A scheme of arrangement, approved by the Supreme Court of New South Wales earlier this month, allowed ONR to acquire the remaining Donaco shares after already holding 12.84%.

• Shareholders were paid A$0.045 per share (approx. US$0.03), with trading officially suspended on August 8, and delisting effective at end-of-day on August 20.

Donaco's portfolio includes:

• DNA Star Vegas casino‑resort in Poipet, Cambodia

• Aristo International Hotel & casino in Lao Cai, Vietnam

These border‑located assets have faced operational challenges—from travel disruptions to regulatory pressures. The takeover and shift to private ownership could offer ONR greater flexibility to restructure operations and pursue a turnaround strategy away from public scrutiny.