Amax looking to acquire VIP room in Cambodia

Macau casino investor Amax International Holdings has announced it has entered into a Letter of Intent to obtain the operating rights to a VIP room in Cambodia.

The company did not specify which casino in Cambodia that the VIP room is located, but noted that the VIP room operates 13 baccarat tables and is owned by a PRC citizen.

Amax said the move was made in order to diversify its income stream and expand its gaming business.

Under the agreement, Amax will be required to pay a fixed monthly fee for a period of two years for the exclusive rights to operate the VIP room.

The proposed transaction is subject to further negotiation of its terms and the entering into a formal operating rights agreement on or before October 30, 2017.

More news from this jurisdiction

CambodiaTuesday, Sep 12, 2017

Cambodia’s draft gaming law will be submitted to the cabinet for approval within this month, opening the doors to foreign investment in the country’s gaming industry.

CambodiaThursday, Aug 24, 2017

Five South Korean nationals were arrested on Tuesday for illegal football gambling.

CambodiaSunday, Jul 16, 2017

Hedge fund Nine Masts Capital is challenging the revised terms of the convertible bond deal between NagaCorp and its founder, arguing that the agreement would short change minority shareholders.

CambodiaFriday, Jul 14, 2017

NagaWorld will be subject to an additional tax bill on its non-gaming operations, similar to the $16.6 million tax that was imposed last year.

CambodiaTuesday, Jul 11, 2017

Cambodian casino operator NagaCorp posted a boost in net profit for the half year ended June 30, 2017, attributed to robust business volume growth across all segments, particularly in VIP.

CambodiaMonday, Jun 26, 2017

Betsoft Gaming have signed a partnership deal with Clubvegas999.com, operated by Zustro.com, a site that works in association with the prominent land-based casino HaTien Vegas Entertainment resort.

CambodiaSunday, Jun 25, 2017

Founder and CEO of Nagacorp, Tan Sri Dr. Chen Lip Keong is now seeking a concurrent conversion of the TSCLK Complex and NagaCity Walk bonds, rather than his previously planned staggered conversion.