Hong Kong-listed Century Entertainment International Holdings Ltd said Friday it has cancelled an agreement it previously signed with its own Chairman and CEO to run VIP gaming tables at a casino in Cambodia, inking instead a new agreement directly with the casino’s owners.
Under the terms of the agreement, the company’s wholly-owned subsidiary Wisdom Ocean Group Limited will operate all seven tables at the casino in Dara Sakor for an initial three-year term, for which it will pay the owner, LongBay Entertainment, US$35,000 a month. For this, Century Entertainment will be entitled to 100% of winnings and responsible for 100% of house losses as well as paying relevant staff costs.
LongBay will be responsible for the provision of a relevant valid gaming license, for any operating expenses that cannot be individually separated from the casino and are required for the operation of the VIP room such as utilities fees, sanitation charges and air-conditioning charges, and for the dealers of the gaming tables.
