Paradise Entertainment Ltd, a maker of casino electronic games, is partnering with a Japanese company to focus on the development of slot machines. Paradise Entertainment will hold a “minority stake” in the new joint venture via its wholly-owned unit LT Game Ltd, a spokesman from the parent company told GGRAsia.
The joint venture firm is called LT Game Japan and is based in Tokyo.
Paradise Entertainment develops, supplies and sells electronic gaming systems in Macau and internationally under the LT Game brand.
“Regarding LT Game Japan, we are currently looking at a gaming technology project on slot machine development with our Japanese partner,” Paradise Entertainment’s spokesman said in an emailed statement.
The company declined to identify the name of the Japanese partner, saying that the setting up of the joint venture is still in “an early stage”. It also said it was not the appropriate time to disclose the investment amount and what potential markets the joint venture would be eyeing for deployment of slot machines.
Hong Kong-listed Paradise Entertainment has agreed to transfer all of its electronic table game (ETG) technology, patents and other intellectual property to global gaming supplier International Game Technology Plc (IGT), with the exception of table game intellectual property used exclusively in Macau.
IGT will pay Paradise Entertainment an up front fee of US$12.95 million, the latter said in a filing on April 26.
IGT will also make earn-out payments – on a quarterly basis over a 15-year term – based on placement in casinos of products utilising Paradise Entertainment’s table game intellectual property, according to an April 26 filing.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia