Century terminates agreement early without compensation to minimise cash outlay during the Covid-19 pandemic.
Cambodia.- Century Entertainment International Holdings Ltd. has terminated its licensing agreement with Crown Resorts Co., Ltd. for the operating rights of a VIP room at the Genting Crown Casino in Cambodia.
The gaming company had signed a three-year agreement for the operating rights in 2017 through its subsidiary Victor Mind Global Limited (VMG).
The decision was prompted by the closure of all casinos mandated by Cambodian Prime Minister Samdech Techo Hun Sen due to the on-going Covid-19 pandemic.
Gaming activity is halted until further notice in order to prevent the spread of the Coronavirus, with casinos having first closed in April.
The license agreement was set to expire on November 30. However, Century decided that terminating the license agreement early without compensation would minimise cash outlay during the pandemic period.