MQ Tech seeks diversification into gaming

Malaysian company MQ Technology Bhd is seeking shareholder approval to diversify into gaming related businesses, according to a recent filing to Bursa Malaysia.

The proposed diversification is pursuant to a December 7 marketing agreement entered into between MQ and Vivo Tower Holdings Ltd, the latter of which owns the license to operate the casino in Star Vegas Resort & Club, owned by Donaco.

Under the agreement, MQ is tasked with the exclusive development and implementation of marketing services, as well as to provide manpower for Vivo Tower’s conduct of operations in designated gaming rooms and entertainment rooms.

Under the agreement, Vivo Tower will pay MQ half of the profits generated from the casino.

The contract is set to run for a period of five years from July 1, 2017, but will be automatically extended if Vivo Tower also receives an extension to its casino lease.  

Earlier this year, MQ Tech appointed a former Genting Hong Kong executive director to its board, a move which it said would benefit the company’s diversification into the hospitality and entertainment industry.

The company had also been in discussions with Cambodian Resorts and Entertainment Co Ltd (CRE) to develop a $30 million gaming resort and theme park in Southeast Cambodia back in December of last year.

“The project will see the construction of a resort and entertainment complex comprising of a hotel, casino, and a theme park, among others,” said a source quoted by StarBizWeek at the time.

More news from this jurisdiction

MalaysiaThursday, Feb 22, 2018

Shares in London-listed Playtech plunged in Thursday trading after the group warned that the ongoing crackdown on illegal gaming in Asia continues to affect profit.

MalaysiaTuesday, Jan 09, 2018

With the GITP expansion plan expected to start bearing fruit this year, 2018 should be a strong year for Genting Malaysia Bhd, say analysts.

Malaysia, South East AsiaMonday, Jan 08, 2018

RGB International Bhd says it is expecting its turnover to increase by RM50 million this year as a result of a number of concessions and leasing deals secured over the last two years.

MalaysiaTuesday, Dec 19, 2017

Berjaya Sports Toto said Q2 revenue fell almost 5 percent, dragged down by a weak performance at its H.R. Owen car sales unit and International Lottery & Totalizator Systems business.

MalaysiaFriday, Dec 15, 2017

Malaysia’s Resorts World Genting will open a Zouk Genting nightclub in January as part of its ongoing efforts to revamp the resort and improve its entertainment offerings.

Malaysia, IndiaWednesday, Dec 13, 2017

Resorts World Genting is expecting the opening of the Twentieth Century Fox World theme park to drive up the number of Indian visitors to the resort.

MalaysiaMonday, Dec 04, 2017

Casino supplier RGB International saw its 17Q3 revenue drop 35.2 percent, while profit remained flat year-on-year.