Universal Entertainment Corporation has announced that it has entered into an agreement with Guangcai Group to establish a 50-50 joint venture corporation for the sales and maintenance of its casino-related devices in Southeast Asia.
The joint venture corporation, named Hong Kong Guangcai Universal Entertainment Limited, will be involved in the sales and maintenance business for casino-related devices and systems developed and manufactured by the company. The joint corporation will also have the exclusive rights of sales for all casino-related devices and systems in all Southeast Asian countries, except for the Philippines, and will also look to expand into other casino-related businesses.
In a filing to JASDAQ on Monday, Universal Entertainment said it believed the cooperation with the “internationally proven group” will contribute to expanding its casino related business.
The Guangcai Group is involved with global national projects in the field of finance, resource development, mineral development and trade.
Lawsuit filed against Okada
Earlier this month, Universal Entertainment announced it has filed a damage suit against its founder, Mr. Okada, over fraudulent acts committed between 2013 and 2015. The company is also planning to file a damage lawsuit against Mr. Okada in Hong Kong through its subsidiary.