• 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
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

U.S. operator Century Casinos dips toe in Vietnam

Apr 26, 2018 Newsdesk Latest News, Rest of Asia, Top of the deck  


U.S. operator Century Casinos dips toe in Vietnam

U.S.-listed Century Casinos Inc says that an Austrian unit has acquired 51 percent of a firm with the right to operate a small gaming machine hall at a hotel in Vietnam’s Cao Bang province. The Vietnamese administrative area shares a border with the Chinese provinces of Yunnan and Guangxi. Casino gambling is illegal in mainland China, but several casino establishments on Vietnam’s northern border serve Chinese visitors.

Century Casinos’ unit Century Resorts Management GmbH has acquired 51 percent of the outstanding common stock of Golden Hospitality Ltd, a Hong Kong company, for a total consideration of US$560,000, said a Wednesday press release from the parent.

The announcement stated that, in turn, Golden Hospitality had agreements with a firm called Minh Chau Ltd, the owner of the hotel and gaming club in question, under which Golden Hospitality would manage the hotel and gaming there for a fee equal to 26 percent of Minh Chau’s profit. Under the agreement, Golden Hospitality also agrees to acquire a minimum of 51 percent of Minh Chau over the next three years, for a consideration of approximately US$3.57 million.

Century Casinos said in Wednesday’s release: “The hotel offers 30 low-standard rooms and the international entertainment and gaming club currently offers seven electronic table games for non-Vietnamese passport holders under a provincial investment certificate that allows for up to 26 electronic games. Golden’s intent is to upgrade and expand the hotel and gaming entertainment facilities.”

Erwin Haitzmann and Peter Hoetzinger, the co-chief executives of Century Casinos, added in a prepared statement in the release: “We are excited about this opportunity to enter the Asian land-based gaming market with a relatively small initial investment but great upside development and investment potential.”

Brokerage Union Gaming Securities LLC flagged in an April 6 note that Century Casinos had said it would “like to expand to Asia, which is where investor expectations are”.

Analyst John DeCree wrote at that time: “We believe Century Casinos has upwards of US$50 million of available capital without pushing net leverage beyond 2.0 times, which could represent a decent-sized opportunity in a secondary or tertiary market in Asia.”

Mr DeCree added in an email to GGRAsia in response to our enquiry: “Century has a history of partnering with local entities (i.e. in Poland and in Canada) and pursuing growth opportunities via joint ventures, initially to de-risk the project or acquisition.”

He added, referring to a casino project in Edmonton, Alberta, Canada: “Century Mile – approximately US$50-million in investment – is still the primary focus of the company and scheduled to open in early 2019.”


  • tweet
Related articles
  • Jeju still studying online gaming for its casinos: govt
    Jeju still studying online gaming for...

    Jun 24, 2022  

  • Japan govt policy paper restates IR role in tourism revival
    Japan govt policy paper restates IR...

    Jun 08, 2022  

More news
  • Moody’s revises SJM Holdings’ outlook to negative
    Moody’s revises SJM Holdings’...

    Jun 27, 2022  

  • Pagcor says 35pct of revenue owed from POGOs ‘resolved’
    Pagcor says 35pct of revenue owed from...

    Jun 27, 2022  


Latest News

Moody’s revises SJM Holdings’ outlook to negative

Moody’s revises SJM Holdings’ outlook to negative

Jun 27, 2022  

Moody’s Investors Service has confirmed Macau casino operator SJM Holdings Ltd’s ‘Ba3’ corporate family rating and the ‘B1’ rating on the backed senior unsecured bonds issued by...
Read More
Pagcor says 35pct of revenue owed from POGOs ‘resolved’

Pagcor says 35pct of revenue owed from POGOs ‘resolved’

Jun 27, 2022  

MGM China gets deal for use of MGM brands renewed

MGM China gets deal for use of MGM brands renewed

Jun 27, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


357

The aggregate number – as of end of Sunday – of confirmed infections in Macau linked to the most serious Covid-19 outbreak impacting the city since the start of the pandemic in 2020



Most Popular

  • SJM to make 2nd of pledged staff subsidy payments for 2022SJM to make 2nd of pledged staff subsidy payments for 2022 June 27, 2022
  • Maybe new Macau mass Covid test, community spread stillMaybe new Macau mass Covid test, community spread still June 24, 2022
  • Parisian quarantine hotel as Macau Covid cases near 360Parisian quarantine hotel as Macau Covid cases near 360 June 27, 2022
  • Covid-19 test certificate to enter Macau casinosCovid-19 test certificate to enter Macau casinos June 27, 2022
  • Blackstone clinches US$6.15bln takeover of Crown ResortsBlackstone clinches US$6.15bln takeover of Crown Resorts June 24, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us