Jimei Intl unit to run VIP operation at NagaWorld casino
A unit of Jimei International Entertainment Group Ltd – a Hong Kong-listed casino junket investor with its roots in Macau – has agreed a deal to operate at least seven VIP gambling tables at NagaWorld casino resort (pictured) in Cambodia.
The Jimei listed entity gave the news in an announcement to the Hong Kong Stock Exchange on Tuesday.
The deal is with NagaWorld Ltd, an indirect wholly-owned subsidiary of NagaWorld’s operator, Hong Kong-listed firm NagaCorp Ltd. The contracting party is a non-wholly owned subsidiary of Jimei International, which the latter firm didn’t name in the filing. The agreement is for one year and renewable for a further year subject to the agreement of the parties.
The filing didn’t specify the incentives the Jimei entity would receive in order to send players to NagaWorld. But it did say that the Jimei side would be responsible for services including accommodation, transportation, food and beverages.
Gaming industry research firm Union Gaming Macau Ltd said in a note last year that Asian Nations, a mainland China-based junket that does not have exposure to Macau, has been sending high value players to NagaWorld.
The Jimei International announcement of the deal at NagaWorld comes at a time when Macau junket investors are said by investment analysts to be looking for new, offshore destinations to send their Chinese high roller players, in the wake of fresh scrutiny on casino gambling in Macau linked to the anti-corruption crackdown in mainland China.
Jimei International also has a deal with Crown Perth, a casino resort in that Australian city, run by James Packer’s Crown Resorts Ltd.
In February, Jimei International – chaired by Jack Lam Yin Lok, one of Macau’s most experienced casino junket executives – said it had entered into an “arrangement” with Crown Perth for its “junket patrons or players to conduct gaming at the Crown Perth Casino”.
Mr Lam is also chairman of Jimei Group Ltd, one of Macau’s largest consolidators of gaming promoters. He has controlled the listed entity Jimei International – which in December changed its name from Sinogreen Energy International Group Ltd – since autumn last year.
Jimei Group runs Jimei Casino next door to the Grand Lapa hotel on Macau peninsula under an SJM Holdings Ltd gaming licence. Jimei Group also has 11 junket rooms in other Macau properties including Wynn Macau, Sands Macao and City of Dreams, according to Jimei Group’s website. Jimei additionally operates Fontana Leisure Parks & Casino at Clark Special Economic Zone in the Philippines.
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