The deadline on an agreement that would allow the listed portion of Macau junket veteran Jack Lam Yin Lok’s business interests to participate in VIP gambling promotion in Macau has been put back for three months.
The so-called variable interest entity (VIE) agreement with Carlos José Lok, a Macau resident and the sole shareholder and sole director of the Macau gaming promoter concerned – New International Club Ltd – is now due to be concluded by June 30, Mr Lam’s listed company said in a filing on Tuesday to the Hong Kong Stock Exchange.
Macau-incorporated New International Club is said to have a gaming promotion licence from the local regulator, the Gaming Inspection and Coordination Bureau, also known as DICJ.
The company seeking to link with New International Club is Hong Kong-listed Jimei International Entertainment Group Ltd. The latter said in a filing on January 16 that it had been given approval to change its name from Sinogreen Energy International Group Ltd. The entity has been controlled by Mr Lam and supporting interests since last autumn, according to previous filings.
Mr Lam is already involved – via a privately held business called Jimei Group – in junket operations at eight Macau casino hotels, according to the group’s website.
According to the February 3 filing by Jimei International Entertainment, Mr Lam also wholly owns Jimei International Ltd, which runs casino junket operations in the Philippines.
The same filing said that New International Club is discussing a gaming promotion arrangement with Wynn Macau for “not less than 30” VIP gaming tables and would receive “not less than 40 percent” of the gaming win or loss generated from the tables.
In early February Jimei International Entertainment said it had an arrangement with Crown Resorts Ltd’s Crown Perth property in Australia, allowing junket patrons to gamble there. Tuesday’s filing confirmed the junket at Crown Perth had started operations in February.
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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