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Their biggest success was Savan Vegas, strategically located near the Friendship Bridge linking Laos with neighboring Thailand across the Mekong River. A planned second resort, Paksong Vegas, was never built.
Within several years, however, the partnership had soured.
In 2012, Sanum and Lao Holdings, an Aruba-based company created to hold the investors’ interests in Sanum, accused Laos of trying to force them out of the country after Savan Vegas had become successful.
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Bally’s CEO Robeson Reeves thanked Mircheva for her contribution and expressed confidence in Papanier’s ability to ensure continuity during the transition.
“Having spent more than two decades in key operating and financial leadership roles at Bally’s, George has been instrumental in developing our business model, asset portfolio and growth strategy,” Reeves said.
“He steps into the interim role supported by an experienced finance organisation and I am confident that our reporting, controls and capital markets work will continue without disruption.”
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The court also explored potential liabilities for trust administrators and local representatives who facilitate illegal gambling sites.
While it did not find Curaçao-based trust firm DECC and its directors liable in this case, the ruling signalled that closer scrutiny of such intermediaries could unfold.
Nederlandse Loterij has announced plans to appeal portions of the Lalabet decision, particularly arguing that trust firms have a duty to properly vet their clients.
