Hong Kong-listed Century Entertainment International Holdings on Friday canceled a previous agreement it had with the company's chairman and CEO to operate VIP gaming tables at casinos in Cambodia, and instead replaced it with the casino's owner. announced that they have signed a new contract with.
Under the terms of the agreement, the company's wholly-owned subsidiary, Wisdom Ocean Group Limited, will operate all seven tables at Dara Sakor's casino for the first three years, in exchange for owner Long Bay Entertainment You will have to pay 35,000 USD. Month. For this reason, Century Entertainment is entitled to his 100% of the winnings and will be responsible for paying his 100% of the house losses and associated payroll costs.
LongBay is not separately separable from the Casino and is responsible for providing the relevant valid gaming licenses for the operational costs necessary to operate the VIP Rooms, such as utilities, hygiene and air conditioning charges. For game table dealers.
According to details contained in the filing, Chairman and CEO Ng Man Soon's previous agreement with Lion King Entertainment allowed the company to produce an income statement with respect to identifiable net income. The request was canceled because the books and records on which it was based could not be obtained in full. Streams related to new gaming table business rights as required under the Listing Rules.
Century Entertainment explained, “In order to restart the group's gaming business, the company has begun negotiations to rent a VIP room directly from Long Bay Entertainment to operate its gaming business.''
“VIP Room is located in Dara Sakor, Koh Kong Province, Cambodia. It is one of the fastest developing districts in Cambodia and a well-known location in Southeast Asia with attractive potential in the gaming market. It is a tourist destination.
“According to the latest design and construction of the VIP room, the company plans to operate baccarat at all gaming tables in the VIP room. The directors expect good prospects for the gaming business in the region. The Board of Directors believes that the conclusion of the Casino Agreement will restart the Group's gaming business and provide stable revenues for the Group, thereby improving its financial performance and position.
Century Entertainment, formerly known as Amax International Holdings, previously operated gaming tables at a casino managed by Mr Ng in Sihanoukville after Mr Ng received a “more attractive offer”. In October 2020, they announced plans to relocate to Dara Sakor.
However, despite signing a new five-year contract in February 2023, the company is unable to officially launch its new table game business due to the impact of the COVID-19 pandemic and delays in completing the implementation contract. There wasn't.
The Dara Sakor Casino in question has a total floor area of 10,500 square meters and features a total of 40 mass gaming tables, 55 VIP tables, 80 slot machines, as well as a Chinese restaurant, spa and nightclub.