Asian gaming investor Suncity Group Holdings Limited has signed a non-legally binding Memorandum of Understanding with Korean IR operator Paradise Co. Ltd. In regards to a potential cooperation agreement at Paradise Casino Busan.
Although Suncity didn’t elaborate on the nature of the cooperation agreement, the company said in a filing to the Hong Kong Stock Exchange that it “has been focusing on expanding its tourism related businesses and the board believes that should the possible co-operation materialize, it can enable both parties to form a synergy and develop its own strengths, resources and expertise; and at the same time bring about mutual complementarity thereby creating a win-win strategic relationship.”
According to Paradise Co’s financial results released this week, Paradise Casino Busan saw revenue grow 2% in 4Q18 to KRW21 billion (US$18.7 million), with operating profit down 42.7% to KRW843 million.
Suncity, currently preparing for the launch of its Vietnam IR Hoiana in October, announced last year that it had reached an agreement with Golden Sun Sky Entertainment Co Ltd to provide preopening and casino management services at an under-construction casino resort in Sihanoukville, Cambodia.
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