Dragon discusses Macau floating casino partnership
The company said that it has no responsibility for the failure of the project and blamed its partner for not securing funding.
Macau.- Dragon Coin announced plans to build a floating casino in Macau, which would’ve significantly expanded the innovative industry of the city. However, the project failed and the company is now blaming Norwegian company Brova Idea AS for not securing the necessary funds.
The lawyers of Dragon Incorporation Limited sent a statement to Macau News Agency saying that Brova failed to keep its end of the deal as it didn’t secure the necessary funding for the project. The company said that the negotiations with Milo Andric, head of the Norwegian company, started to fail at the end of last year after he demanded an upfront payment while failing to show evidence that he had found financing for the floating casino.
“He demanded cash upfront. We pushed for Escrow or Bank Guarantee and the escrow or Bank Guarantee would have been released once the financing 80 per cent was secured according to his promise,” Dragon’s CEO, Chakrit Ahmad told the news agency.
Nevertheless, Ahmad said that Dragon is still interested in pursuing a casino with a separate company, but the original idea could change and could end up presenting the idea for a land-based casino.
