U.S.-based online gaming firm Elray Resources Inc announced on Tuesday that the company is now engaged in the Philippine land-based casino industry through a joint venture with junket operator Qi Xiaolong and associates.
The U.S.-listed company said in a press release “it has begun generating considerable gaming activity in a licensed live dealer casino facility located in Manila as a result of its joint venture”. The statement did not disclose where the facility is located.
Elray added that the joint venture has resulted in “gaming revenues (wagering)” of more than US$68 million in a 45-day period. The firm did not provide a definition of the term.
“Whilst Elray only receives a small percentage of the net win that is generated within the licensed casino facility, the magnitude of wagering generated in such a short period of time is very encouraging and will now pave the way for Elray to enter into further relationships with other junket operators in Asia,” company chief executive Brian Goodman said in a statement.
The joint venture between Elray and Mr Qi was first announced in May. Elray stated at the time that it would result in the company “holding a profit share agreement with VIP rooms in Macau, under which Elray will receive an up to 48 percent share of profits generated by the licensed casino operations”.
The statement added that Mr Qi and his team already participated in the revenue streams of “many major luxury VIP gaming facilities in Macau”, without providing further details. There was no mention of extending the partnership to the Philippines.
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Amount that each Macau casino operator paid for the circa six-month extension of their respective contract