Century Entertainment International, the former Macau casino and junket investor that now runs gaming tables in Cambodia, has flagged entry into the Philippines gaming market after inking a Memorandum of Understanding (MOU) with a PAGCOR-licensed gaming system service and gaming contents provider.
While Century Entertainment has not named the company in question, it revealed by way of a Hong Kong Stock Exchange filing that the MOU outlines establishment of a joint venture of which it will hold a 51% stake and its partner 49%. A definitive joint venture agreement is hoped to be reached within 30 days to formalize the corporate structure, governance and operational framework, it explained.
Century Entertainment said the joint venture company aims to provide technical support for research and development, ongoing platform maintenance, market access through its distribution channels, marketing team, and business development resources, as well as administrative support including financial management, legal compliance and human resources services.
It will market and further develop on the joint venture partner’s existing gaming system platform and content development capabilities. The partner, which will contribute its proprietary gaming system platform, content, software, source code and associated intellectual property rights is described as a gaming system service provider specializing in the development of gaming platforms and content.
Century Entertainment added that the joint venture entity will comprise a five-person board of which it will contribute three members and its partner two.
The planned formation of the new joint venture comes just a week after Century Entertainment announced that its controlling shareholder – long-time Macau junket identity Ng Man Sun – has stepped down as Chairman and CEO.
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