Rich Goldman Holdings, a former investor in junket operations in Macau, has announced it will form a joint venture aimed at providing customers to a new VIP room at Solaire Resort & Casino in the Philippines.
The joint venture, to be 51% owned by Rich Goldman subsidiary Prime Jade Enterprises Ltd and 49% by an independent third party called Great Happy Century Ltd, will see the two subscribe for 510 shares and 490 shares, in the amount of HK$510,000 and HK$490,000, respectively within three months of the signing of the joint venture on 27 April 2020.
Under the terms of the agreement, the joint venture firm will receive 1% of rolling turnover generated from live gaming tables in the new junket room each calendar month. The room itself will be operated by Mr Tam Ka Wo, the sole owner of Great Happy, who will sign an agreement of his own with the entity that operates Solaire, Bloomberry Resorts and Hotels, Inc.
Rich Goldman Holdings revealed in March that it had parted ways with its sole remaining junket operator in Macau, Hoi Long Sociedade Unipessoal Limitada, which until recently ran eight VIP tables at SJM’s Grand Lisboa.
The company had previously worked with two other junket partners but lost both of those in 2017 when Venetian Macao Limited (VML) terminated promotion agreements with Hao Cai Sociedade Unipessoal Ltd to operate 14 VIP tables at the Venetian and Hou Wan Entertainment Ltd to operate 10 VIP tables at Sands Macao.
On the reasons for formation of its new joint venture, Rich Goldman said, “The Group has been actively exploring possibilities to expand its gaming business and identifying new junket operators for its gaming business.
“Given the long-term business relationship between the Group and the Guarantor as well as the satisfactory returns from the Group’s collaboration with Hoi Long in Macau during the term of their collaboration, the Directors are of the view that the formation of the joint venture company in the Philippines with Great Happy represents a strategic move for the Group to diversify its gaming business into the Philippines.”
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