By
Phil
4. January 2023
Macau Legend confirmed today that it had stopped operating satellite casinos through its Hong Hock affiliate and partnership with SJM resorts at Casino Babylon, and Casino Babylon.
Legend Palace.
The VIE Structure allows the Group to indirectly take part in the VIE through Hong Hock.
Gaming promotion company and more control over marketing and management
New Legend’s gaming promotion in VIP rooms at the casino casinos
Its properties.
Li Chu Kwan, Macau Legend chairman, executive director, and chief executive officer, said that there had been an impact on the VIP gaming promotions business due to recent developments in the industry. The Macau Government passed the gaming law, 21 June 2022, that provided new guidelines and regulations for Macau’s development, including satellite casinos. This will have an impact on the operation of Hong Hock, a casino service provider.
The company would like to inform you that it has ended its VIP gambling promotion business following the expiration of 31 December 2022 of the Service Agreement. The Service Agreement was automatically ended upon expiration and termination. In accordance with its terms, the Exclusive Management and Consultancy Services Agreement and Exclusive Undertaking to Sell Agreement also expired and were terminated. In view of this, on December 31 2022, the parties to the VIE Agreements (variable-interest-entity) terminated the VIE Agreements with immediate effect from 1 January 2023.”
