b'DIRECTORS REPORT >The company continues to rebuild and improve the business at Star Vegas, with multiple initiatives in progress. Marketing strategies for Aristo continue to be focused on increasing the number of mass market players visiting the property, while selectively allowing junket play where appropriate. The company is also focused on growing non-gaming revenues at both Star Vegas and Aristo to diversify earnings streams.Material risks to the companys strategy include those affecting listed entities generally, and companies operating in Thailand, Cambodia and Vietnam generally. These risks include the The Company is alsopossibility of adverse macroeconomic developments, such as exchange rate declines, cross-border disputes or terrorist attacks focused on growingaffecting the companys key target markets. Other material risks include the possibility of adverse regulatory change affecting non-gaming revenuescasino operators, such as changes in tax rates, and the possibility of breach of licences or legislation. These risks are carefully monitored by the Board and management team.at both Star VegasMultiple legal actions are in progress involving the Star Vegas vendor. The company is of the opinion that its claim against and Aristo to diversifythe vendor, currently the subject of arbitral proceedings in Singapore, is strong. In Cambodia, there was an award made by earnings streams. an arbitrator on 21 August 2019 ruling that the vendor is entitled to terminate the Star Vegas lease; however, this decision is not enforceable unless it is affirmed by a court and has already been appealed. The arbitration in Singapore for the companys USD240 million (equivalent to AUD342 million) damages claim, increased from USD190 million (equivalent to AUD271 million) after considering expert legal and financial advice, has a further hearing scheduled for one week commencing on 25 November 2019.These key risks should not be taken as the only risks that may affect the companys operations, and many risks are outside the control of the Board and management team.Except as noted above, information on likely developments in the operations of the consolidated entity and the expected results of operations have not been included in this report because the directors believe it would be likely to result in unreasonable prejudice to the consolidated entity.ENVIRONMENTAL REGULATIONSThe consolidated entity is not subject to any significant environmental regulation under Australian Commonwealth or state law.COMPANY SECRETARYBenedict Paul Reichel is an Executive Director and the Company Secretary. His qualifications and experience are set out on page 8.18 DONACO INTERNATIONAL LIMITED 2019 ANNUAL REPORT'