Rich Goldman says Covid-19 delays Solaire VIP deal

Jul 22, 2020 Newsdesk Latest News, Philippines, Top of the deck  

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Hong Kong-listed junket promoter Rich Goldman Holdings Ltd says more time is needed in order to realise a plan to participate in the operations of a “VIP room with video streaming and live gaming tables” at Solaire Resort and Casino in the Philippine capital, Manila. The company said the delay was due to restrictions linked to efforts to stem the further spread of Covid-19 in the Philippines, according to a Tuesday filing.

Rich Goldman said in an April filing that it would – via a subsidiary – form a shared venture to introduce players to the VIP room at the Manila property. A junket representative connected to the other partner in the planned joint venture runs the high roller room at Solaire, a property operated by Bloomberry Resorts and Hotels Inc.

“As a result of the Covid-19 outbreak in the Philippines and the continuing lockdown measures, additional time is required for the fulfilment of certain conditions precedent under the joint-venture agreement,” said Rich Goldman in Tuesday’s filing.

“Accordingly, the parties to the joint-venture agreement agreed in writing on 21 July 2020 to extend to long stop date to 26 October 2020 (or such other date as the parties may further agree in writing),” added the company.

Rich Goldman saw its revenue decline 8.2 percent year-on-year to just HKD119.8 million for the financial year to June 30, 2019. Rich Goldman was formerly known as Neptune Group Ltd, when it was considered at one stage the largest brand by rolling chip volume in casino junket business in Macau.

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