Amax reaches an agreement with Lion King Entertainment to manage four gaming tables located at the Sunshine Bay Hotel and Casino in Cambodia.
Cambodia.- Hong Kong-listed gaming services company Amax International Holdings Limited reached an agreement with a company controlled by Amax International’s chairman and CEO Ng Man Sun; to take over a gaming table business in a casino located in Sihanoukville, Cambodia.
Amax International said in a filing on Monday that the gaming table business involved a total of four gaming tables; located in the mass gaming area of the Sunshine Bay Hotel. The casino operated by Mr Ng’s Lion King Entertainment, initiated operations earlier this month; Mr Ng controls a stake of 27.74% in Amax International.
The deal between Amax and Lion King includes two parts. Firstly, a lease agreement for the four tables, ending on September 30, 2020 at a monthly rental fee of €138,000; secondly, an assignment agreement for the gaming table business rights for a five years at a consideration of €13,8 million.
Furthermore, Amax International is to settle the consideration via a promissory note; and by disposing of its shares in a company controlling a licence to conduct interactive gaming business in Vanuatu, in favour of Lion King.
“The company sees attractive potential in the gaming market in Shihanoukville and would like to commence its business operation in the casino as soon as possible.”
Similarly, in October last year, Amax International promptly provided its “technical and pre-opening services” regarding the casino project in Sihanoukville. The Cambodian province of Sihanoukville has been attracting much Chinese capital for creation of hotel complexes; likely, with some of them to be turned into casino resorts.