Hong Kong-listed junket investor Jimei International Entertainment Group Ltd announced that it has entered into a framework agreement with two firms in relation to developing an “entertainment resort” project in Cambodia.
The announcement, filed to the Hong Kong Stock Exchange on Thursday, noted that Jimei International and one of the other firms, Yeejia Tourism Development Company Ltd – described in the filing as a resort developer in Cambodia – are to establish a joint venture company with its main business being creation of such a resort.
The complex would include hotel facilities (file picture), a golf course, theme park and “other entertainment and tourism business,” the Jimei International filing said. It did not mention whether there would be any gaming or where the resort would be located.
Another party that has entered into the agreement with Jimei International, a mainland Chinese firm named MCC International Incorporation Ltd, intends to provide engineering, construction and consultancy services to the joint venture company, the filing said.
According to the website of Beijing-based MCC International, that company is connected to China Metallurgical Group Ltd, a state-owned engineering and construction group.
Under the framework agreement, Yeejia Tourism Development would be responsible for providing to the joint venture the land use rights on a parcel of land and all relevant approvals and licences for the proposed resort.
Jimei International would be in charge of planning the resort and arranging finance for the joint venture.
Jimei International has existing interests in gambling junket business at NagaWorld casino resort in Cambodia.
In May last year, a unit of Jimei International entered into a junket arrangement with NagaCorp Ltd relating to seven VIP tables at the latter’s NagaWorld casino resort. The arrangement is for one year and renewable for a further year subject to agreement of the parties.
Jimei International is chaired by Jack Lam Yin Lok, one of Macau’s most experienced casino junket executives. Mr Lam is also chairman of Jimei Group Ltd, one of Macau’s largest consolidators of gaming promoters. Jimei Group runs Jimei Casino next door to the Grand Lapa hotel on Macau peninsula, under the gaming licence of SJM Holdings Ltd.
(Updated 9:45am, March 21, following a clarification filing from Jimei International)
Sep 18, 2020The Singapore Tourism Board (STB) has announced several partnerships to support local business and boost the city’s tourism industry, amid the coronavirus pandemic. The tourism board said in a...
”Many investors cite Golden Week as a catalyst to significant, sustainable visitation increases and a showcase for profitability for many casinos [in Macau]... However… we are concerned recovery estimates may again be pushed back”
Analyst at Roth Capital Partners