Dec 31, 2020 Newsdesk Latest News, Philippines, Top of the deck
Hong Kong-listed casino junket promoter Rich Goldman Holdings Ltd says it completed on Wednesday a deal for a company joint venture to introduce players to a VIP room at Solaire Resort and Casino (pictured) in the Philippine capital, Manila. The agreement comes into effect starting from Friday (January 1).
In a late April filing to the Hong Kong bourse, Rich Goldman had said such a collaboration would feature elements including “live gaming tables”, and would involve wholly-owned subsidiary Prime Jade Enterprises Ltd. The latter would team with an outside entity called Great Happy Century Ltd to form a joint venture called Ever Lucky Global Ltd.
The outside entity was said to be wholly owned by a businessman called Tam Ka Wo, referred to in the April filing as the guarantor in the arrangement.
“The board is pleased to announce that on 30 December 2020, the joint venture company entered into a profit-sharing agreement in relation to the business” with a junket representative linked to Mr Tam, Rich Goldman said in a filing on Thursday.
It added that from January 1, the joint venture would “introduce customers to the live gaming tables in the casino VIP rooms operated by the junket representative in the casino”.
That was under an agreement between the junket representative and Bloomberry Resorts and Hotels Inc, a unit of Solaire’s Philippine-listed promoter Bloomberry Resorts Corp.
In return, the joint venture would receive “1 percent of the rolling turnover generated from the live gaming tables by the junket representative and its patrons at the casino VIP room in each calendar month”, stated Thursday’s filing.
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