• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Lawrence Ho’s Melco group drops Georgia casino plan

Feb 11, 2016 Newsdesk Latest News, Rest of Asia, Top of the deck  


Lawrence Ho’s Melco group drops Georgia casino plan

Melco International Development Ltd and its unit MelcoLot Ltd on Wednesday said that a casino project they planned – with other partners – in Georgia in Eastern Europe would not go ahead.

“Although every effort has been made to negotiate… on the lease terms, the parties are unable to reach an agreement on terms satisfactory to MelcoLot,” said the joint announcement, referring to a lease on land wholly owned by Dhabi Group Georgia LLC.

In March last year, the Melco entities – led by Asian casino developer Lawrence Ho Yau Lung (pictured) – had said they were “at an advanced stage of establishing” a casino project in Georgia’s capital Tbilisi.

MelcoLot first announced in November 2014 its plans for a casino in the former Soviet Union republic.

Wednesday’s joint filing to the Hong Kong Stock Exchange said that – as a result of a failure to reach agreement with the landowner of the proposed site – the casino project and a related conditional share subscription deal “will not now proceed.”

The conditional subscription agreement dated 20 November 2014 involved MelcoLot, Express Wealth Enterprise Ltd, Firich Enterprises Co Ltd and Oz Gaming Georgia LLC.

Firich Enterprises is a Taiwan-listed maker of electronic gaming machines. It is also putting money into Tigre de Cristal – an existing Lawrence Ho-backed casino scheme near Vladivostok in Russia’s Far East.

Express Wealth is a wholly owned subsidiary of MelcoLot, and was set up to hold the licence for the Georgia casino scheme.

“The Melco group will continue to explore with Firich on appropriate opportunities for future commercial cooperation,” said Wednesday’s filing.

Melco International Development is also an investor in Asian casino operator Melco Crown Entertainment Ltd. Mr Ho is co-chairman and chief executive of the latter company.


  • tweet
Related articles
  • Lawrence Ho opts for US$60mln in new Studio City notes
    Lawrence Ho opts for US$60mln in new...

    Jul 17, 2020  

  • Lawrence Ho gets US$19mln share grant from Melco Resorts
    Lawrence Ho gets US$19mln share grant...

    Apr 02, 2020  

More news
  • Sci Games title ‘Hurricane Horse’ approved within Apac
    Sci Games title ‘Hurricane Horse’...

    Mar 01, 2021  

  • RGB loss slims sequentially for 4Q, annual loss US$7mln
    RGB loss slims sequentially for 4Q,...

    Mar 01, 2021  


Latest News

Sci Games title ‘Hurricane Horse’ approved within Apac

Sci Games title ‘Hurricane Horse’ approved within Apac

Mar 01, 2021  

Scientific Games Corp says it has approval within Asia-Pacific (Apac) for “Hurricane Horse” (pictured), the third Duo Fu Duo Cai-series game on the DualosX cabinet. The company said in an email...
Read More
RGB loss slims sequentially for 4Q, annual loss US$7mln

RGB loss slims sequentially for 4Q, annual loss US$7mln

Mar 01, 2021  

Macau casino GGR down 9pct m-o-m in February: govt

Macau casino GGR down 9pct m-o-m in February: govt

Mar 01, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

”While our financial results for fiscal 2020 were clearly impacted by the pandemic, they also highlighted our strengths, and the effectiveness of our business’ response"

Trevor Croker

Managing director of casino slot machine maker and digital games provider Aristocrat Leisure



Most Popular

  • Macau VIP challenged by changes in China: Galaxy Ent bossMacau VIP challenged by changes in China: Galaxy Ent boss February 25, 2021
  • Melco’s Lawrence Ho hopeful on Macau recovery in MarchMelco’s Lawrence Ho hopeful on Macau recovery in March February 26, 2021
  • Suncity to open clubs at Londoner Macao, Lisboa PalaceSuncity to open clubs at Londoner Macao, Lisboa Palace February 26, 2021
  • Galaxy Macau to add Raffles-branded hotel towerGalaxy Macau to add Raffles-branded hotel tower March 1, 2021
  • Macau casino GGR soared in final days of CNY: brokeragesMacau casino GGR soared in final days of CNY: brokerages February 23, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us