Century Entertainment International Holdings Ltd, a former junket investor from Macau, agreed upon a new five-year deal with Ng Man Sun, the company’s Chairman and CEO. They agreed to start operating in Dara Sakor in Cambogia, starting with eight gaming tables.
The impact of the COVID-19 pandemic:
Ng already owns the casino. During the COVID-19 pandemic, the casino, which has been situated in Sihanoukville, was moved to the investment zone backed by China.
Century Entertainment revealed the details of this partnership on Monday. The company claimed that the consideration needed for these gaming tables would be HK$58 million. The deal has been made for the next five years, but the amount of money that needs to be paid will be offset. That will happen when the company’s subsidiary Victor Mind Global Limited and Ng sign a deal in which the profit will be guaranteed under the terms of the agreement from 2019.
The company hasn’t been able to operate the gaming tables under the terms of the agreement from 2019, and because of that, it pursued the new agreement. The reasons behind these decisions are the moving of the casino and the pandemic that impacted all the businesses.
The company shared more details about its new gaming tables. These mass market tables will provide the players with an extraordinary experience while playing baccarat, among other games.
Century Entertainment takes all responsibility for these tables, including both winnings and losses.
The casino consists of a gaming area that extends across 7.000 square meters. There are also 25 VIP tables, 20 mass gaming tables, as well as 50 electronic gaming machines. When it is time for a break, the customers can enjoy the menu of a Chinese restaurant.
The company claimed that the reasons behind this new agreement lay in the potential of Dara Sakor. It is a part of Koh Kong Province, one of the fastest-growing markets in Cambodia. It is also one of the most popular places in South Asia for many tourists that choose to visit the province.
Many hotel resorts that can provide the casino’s customers with luxury accommodations are also planned to be built. What also helps is the new international airport.
The company’s spokesperson said: “Based on the preliminary valuation prepared by an Independent Valuer, the market value of the New Gaming Table Business Rights was approximately HK$63.6 million (US$8.1 million) as of 30 September 2022. As such, the Consideration represents a discount to the valuation of the New Gaming Table Business Rights of approximately 8.8%.”
The net amount will be offset from Ng and Lion King to the Group, which will spare the company some unnecessary expenses.
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