Gelonghui, May 3, | Century Entertainment International (00959.HK) announced that on May 3, 2024, Wisdom Ocean Group Limited, a wholly-owned subsidiary of the company, signed a casino agreement with Long Bay Entertainment relating to the rental and operation of the VIP room for a period of three years from the date the relevant resolution approving the casino agreement was passed at the special shareholders' meeting.
According to Hong Kong Financial Reporting Standard No. 16, the company will confirm the value of the right-to-use assets in its consolidated financial statement for VIP room leases under the casino agreement. Therefore, according to the listing rules, the conclusion of a casino agreement and the transactions to be carried out under it will be regarded as an acquisition of assets by the Group.
The company has entered into a termination agreement with Lion King and Wu Wenxin to terminate the new transfer agreement because the company failed to obtain all relevant books and records relating to identifiable net income of the new table business rights under the new transfer agreement in accordance with section 14.69 (4) (b) (i) of the listing rules to prepare a profit and loss statement.
In order to resume the Group's gaming business, the company began negotiations with Long Bay Entertainment to rent a VIP room directly from Long Bay Entertainment to operate the gaming business. The VIP room is located in Qixinghai, Koh Kong Province, Cambodia. It is one of the fastest growing regions in Cambodia. It is also a famous tourist destination in Southeast Asia, and has great potential in the gaming market. According to the latest design and construction of the VIP room, the company plans to operate baccarat at all tables in the VIP room. The director anticipates good prospects for the gaming business in the region. The board of directors believes that the conclusion of the casino agreement will restore the Group's gaming business and bring stable revenue to the Group, thereby improving its financial performance and financial situation.