Success Dragon has terminated its agreement with One Opera Hotel, and said it will revise its cooperation with Le Meridien Hotel after experiencing ‘unexpected difficulties in obtaining requisite business certificates’.
In December 2015, Success Dragon entered into an agreement to provide outsourced electronic gaming machine management services to both five-star establishments in Vietnam.
However, according to the January filing, both Le Meridien and Opera have encountered unexpected difficulties in obtaining the requisite business certificates for operation of electronic gaming machine business, which is one of the conditions for the Le Meridien Business Cooperation Contract and Opera Management Agreement.”
“Certain attempts have been made by the company for obtaining the Business Certificates, however, it is expected that the Business Certificates are unlikely to be obtained in the foreseeable future,” said the firm.
The firm has decided to discuss and negotiate on a new approach for the cooperation with Le Meridien. However, it has advised as of January 11, it has decided to terminate the Opera Management Agreement completely.