Century Entertainment signs MoU with Philippine gaming company
The company will establish a joint venture to develop an existing gaming system.
The Philippines.- Hong Kong-based Century Entertainment International Holdings says it has signed a non-binding memorandum of understanding (MoU) with a Philippine Amusement and Gaming Corp (PAGCOR)-licensed company to establish a joint venture to market and further develop an existing gaming system platform and content development business.
The company said the joint venture will be set up as a limited liability company in Hong Kong. Century Entertainment will hold 51 per cent equity interest and the joint venture partner 49 per cent. It said the parties will work to “formalise the corporate structure, governance, and operational framework within 30 days.”
According to the MoU, Century will provide technical support for research and development, maintain the platform, help with market access through its distribution channels, support marketing teams and business development, and offer administrative support such as financial management, legal compliance, and human resources. The joint venture partner will contribute its gaming system platform, content, software, source code, and related intellectual property.
Profits and losses will be shared based on each party’s ownership percentage. Century said that, except for the confidentiality and governing law provisions, the MoU is not legally binding that there is no assurance the joint venture will proceed as contemplated or at all.
The announcement comes after Bloomberry Resorts launched its online gaming platform MegaFUNalo. The platform offers free-to-play games, live shows and real-money prizes, in addition to free-to-watch movies. It includes digital versions of casino games such as poker, blackjack, roulette and baccarat, along with several arcade games. It will compete with offerings from other electronic gaming licence holders, including DigiPlus Interactive Corp.
