Hong Kong-listed Century Entertainment International Holdings Ltd says a joint venture business that it has with World Platinum Technologies Inc (WPT) has signed a non-binding memorandum of understanding with WPT, eyeing the “development, operation and monetisation of mobile applications”.
WPT is a company incorporated in the Philippines and licensed by the nation’s casino regulator, the Philippine Amusement and Gaming Corp (Pagcor).
Century Entertainment said in a Thursday filing that the new partnership intends to sign a definitive leasing and operating agreement in relation to the new business segment.
As announced in July last year, the joint venture was established as a limited liability company in Hong Kong, and Century Entertainment will hold a 51-percent equity interest.
According to the update, the joint venture “intends to utilise WPT’s online platform and technology-based solutions to develop, operate and monetise 10 types of mobile applications”.
The joint venture “will be responsible for player acquisition, marketing, business development and the development and customisation of the relevant applications,” stated the announcement.
WPT “will provide access to its proprietary content and platform, conduct know-your-customer and anti-money laundering checks, onboard players, provide customer service support, operational and technical assistance, and furnish periodic data and performance reports,” added the filing.
As per Century Entertainment, subject to the execution of a definitive agreement, it is expected that WPT “will be entitled to 15 percent of the net gaming profit generated from the mobile applications, to be settled on a monthly basis”.
In Thursday’s statement, Century Entertainment said the new agreement allows the joint venture to utilise WPT’s online platform, proprietary content and technical infrastructure “beyond the scope of the existing arrangements”.
“The joint venture company is expected to leverage WPT’s experience and operational support while focusing on application development, marketing and player acquisition,” added the Hong Kong-listed firm.
In November, Century Entertainment said it had signed a “non-binding letter of intent” with a casino operator in Vietnam to “explore the possibility of expanding the group’s gaming operations” to that country.
