GGRAsia – Jimei Intl pays US$1.5 mln for apartment in Perth

Jimei Intl pays US$1.5 mln for apartment in Perth

Jul 22, 2015 Newsdesk Latest News, Macau, Top of the deck, World

Casino junket investor Jimei International Entertainment Group Ltd on Monday announced that it is acquiring a residential property in Perth, Western Australia, for AUD2 million (US$1.48 million). The deal will be done via one of its subsidiaries, Innovative Era Ltd.

The acquisition was announced at a time Jimei International Entertainment says it is expanding its casino gaming promotion business in Western Australia.

In February, Jimei International Entertainment said it had entered into a deal with Crown Perth for its “junket patrons or players to conduct gaming at the Crown Perth Casino”. Crown Perth (pictured) is a casino property operated by Australia’s Crown Resorts Ltd, chaired by James Packer. The residential property bought by the junket investor is very close to Crown Perth, according to the filing.

“The board intends to use the [residential] property as a staff quarter for staff stationed in Western Australia,” Jimei International Entertainment said in Monday’s filing.

It added: “The … acquisition will enable the group to cope with the need to accommodate the increasing number of operating staff in Western Australia in view of the group’s increasing operation size in Western Australia.”

Hong Kong-listed Jimei International Entertainment is chaired by one of Macau’s most experienced casino junket executives, Jack Lam Yin Lok. According to local media reports, Mr Lam founded Jimei Group, a longstanding participant in the Macau VIP gaming promotion sector.

Jimei Group runs junket operations at eight Macau casino hotels, including at Grand Lisboa, a property developed and operated by Macau casino operator SJM Holdings Ltd, according to the Jimei Group website.

In February’s announcement, Jimei International Entertainment said it planned to promote “approximately 8 to 10 gaming tables” under the arrangement with Crown Perth.

The casino junket investor has been expanding its operations outside of Macau. On June 30, Jimei International Entertainment announced that one of its units had agreed a deal to operate at least seven VIP gambling tables at NagaWorld casino resort in Cambodia.