Macau Legend has entered into a new agreement with SJM.<\/p>\n\n\n\n\n\n\n\n
Macau.- Macau Legend Development<\/strong> announced it has an agreement with Macau casino concessionaire SJM Holdings<\/strong> for the provision of gaming promotion services under a format known locally as a \u201csatellite operation\u201d.<\/p>\n\n\n\n In a Friday filing, Macau Legend revealed its wholly-owned subsidiary Hong Hock Development<\/strong> had entered into the agreement with SJM on December 28. The agreement came into effect on January 1, functioning for a period of three years<\/strong>. It encompasses the \u201cprovision of services in selling, promotion, advertising, customer development and introduction, coordination of activities and other related services to SJM [\u2026] for the operation of casinos to be operated under SJM\u2019s gaming concession.\u201d<\/p>\n\n\n\n As consideration for the provision of the services, Hong Hock is \u201centitled to a percentage sharing of the gross gaming revenue on a monthly basis in accordance with the monthly operating performance of mass gaming tables and slot machines, after deducting all costs and expenses calculated on an accrual basis which shall be borne by Hong Hock, pursuant to the terms and conditions of the agreement,\u201d according to the filing released with the Hong Kong Stock Exchange.<\/p>\n\n\n\n \u201cThe above monthly consideration that Hong Hock will receive for the provision of the services is determined after arm\u2019s length negotiation between Hong Hock and SJM with reference to the historical percentage sharing of the gross gaming revenue,\u201d the text reads. <\/p>\n\n\n\n Macau Legend has been operating two satellite casinos at Macau Fisherman\u2019s Wharf \u2013 Babylon Casino and Legend Palace Casino \u2013 through a service agreement under the gaming concession of SJM Holdings.<\/p>\n\n\n\n Under the new gaming concessions, nine satellite casinos are operated under SJM\u2019s licence<\/a>, including Legend Palace, while Babylon is absent from the list.<\/p>\n\n\n\n Macau Legend announced last week that it will no longer participate in the VI<\/a>P<\/a> gaming promotion<\/a> business after terminating a long-running agreement with New Legend VIP Club Ltd<\/strong>.<\/p>\n\n\n\n