GGRAsia – Lawrence Ho firm sells tech to Tigre de Cristal casino

Lawrence Ho firm sells tech to Tigre de Cristal casino

Nov 23, 2015 Newsdesk Latest News, Rest of Asia, Top of the deck

A Russian casino venue linked to gaming entrepreneur Lawrence Ho Yau Lung is to get additional gaming equipment from a firm connected to Mr Ho. The venue, Tigre de Cristal, in the Russian Far East, had its official opening on November 11.

Dolphin Products Ltd, a maker of casino currency, is to sell equipment worth US$198,648 to a firm called Oriental Regent Ltd under a supplemental agreement. The latter company owns the entire equity interest in the gaming project located in the Primorye Integrated Entertainment Zone near Vladivostok.

It had been announced in April that the Tigre de Cristal venue would get US$1.29-million worth of casino currency from Dolphin Products.

Dolphin Products is an indirect subsidiary of Entertainment Gaming Asia Inc, a Nasdaq-listed company in which another company controlled by Mr Ho – Melco International Development Ltd – holds approximately 64.84 percent of the issued shares.

Summit Ascent Holdings Ltd – a Hong Kong-listed firm also controlled by Mr Ho – is 60 percent owner of Oriental Regent. The latter in turn holds the entire equity interest in G1 Entertainment LLC, which holds the gaming licence for Tigre de Cristal.

“The directors… are of the view that the terms of the supplemental agreement are no less favourable to Oriental Regent than those obtainable from independent third parties,” said a Friday filing from Summit Ascent, commenting on the latest casino equipment deal for Tigre de Cristal.

Melco Crown Entertainment Ltd, a firm that runs casinos in Macau and the Philippines – and of which Mr Ho is co-chairman and chief executive – said in December last year it would purchase gaming equipment worth up to US$29 million from Dolphin Products under a deal lasting three years and starting on January 1, 2015.