Asia Pioneer Entertainment Holdings has announced that it has entered into an agreement with Glimex Inc. of the Philippines to lease electronic gaming equipment for use at Palace Casino, located at JPark Island Resort in Cebu the Philippines, for a term of 24 months.
APE will place up to 86 units of electronic gaming equipment at the casino on an operating lease basis, and will receive a variable rental income equivalent 22.5 percent of the net performance on a quarterly basis.
This agreement expands upon the existing 24 units APE supplied to Glimex in December 2018.
Tony Chan Chi Lun, CFO of APE Holdings stated, “As a total solutions provider of electronic gaming equipment for land-based casinos in Macau as well as other regions in Asia, we are really excited to enter into this operating lease agreement with Glimex, to extend our footprints in the Philippines. This is a strategic move for APE to scale our operating leasing business in Asia.”
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
Covid-19 forced the rapid and unexpected closure of venues across Australia, changing the operating environment with unprecedented speed and leaving managers scrambling to adapt...
Spooked by reports of a more infectious variant of Covid-19 emerging from the United Kingdom, the Macanese government is significantly tightening its entry restrictions, effective today.
Kenanga Research expects Malaysia's casino operator to rebound more swiftly than its number forecast operators, as border restrictions ease. The sector valuation remains attractive as gaming stocks were still 15-26 percent cheaper than a year ago.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.
Before the Covid-19 crisis, tourism in the Greater Mekong Sub-Region was at a record high, on track to welcome 80 million visitors in 2019, generating some $90 billion in revenue.
