Century Entertainment International Holdings Ltd, listed on the Hong Kong stock exchange, has officially terminated an agreement to operate eight gaming tables at a casino in the Chinese-backed investment zone, Dara Sakor, Cambodia. The termination agreement, signed on December 31, 2023, was a mutual decision between Century Entertainment’s subsidiary, Victor Mind Global Ltd, and Lion King Entertainment Company Limited, wholly-owned by Century Entertainment’s Chairman and CEO, Ng Man Sun.
Termination of Gaming Tables Deal:
Century Entertainment confirmed the termination of the deal to operate eight gaming tables at a casino in Dara Sakor, Cambodia. The Termination Agreement, signed by the subsidiary VMG and Lion King Entertainment, led to the cessation of the deal without any payment of deposit or compensation.
Negotiations for Casino Lease and Operation Agreement:
While ending the gaming tables deal, Century Entertainment is currently engaged in negotiations with LongBay Entertainment Co., Ltd. for a casino lease and operation agreement. LongBay Entertainment is associated with Zheng Heng Group, which has faced allegations of human trafficking and various scams by the Philippine Embassy in Cambodia.
Relocation Plans and Delays:
Century Entertainment, previously known as Amax International Holdings, had initially operated gaming tables in a casino controlled by Ng in Sihanoukville. However, in October 2020, the company announced plans to relocate to Dara Sakor after receiving a more attractive offer. Despite signing a new five-year deal in February, the company faced delays due to the impact of the COVID-19 pandemic and challenges in completing the implementation agreement.
Background on Dara Sakor Casino:
The Dara Sakor casino was planned to cover a gross floor area of 10,500 square meters, featuring 40 mass gaming tables, 55 VIP tables, and 80 slot machines. Additionally, the facility was designed to include a Chinese restaurant, spa, and night club, presenting a comprehensive entertainment complex.
Allegations Against Zheng Heng Group:
The parent company of LongBay Entertainment, Zheng Heng Group, has been accused of human trafficking and various scams, raising concerns about the potential impact on Century Entertainment’s negotiations for a casino lease and operation agreement.
Business Challenges and Impact of COVID-19:
Century Entertainment faced challenges in commencing its new table games business in Dara Sakor, primarily attributed to the disruptions caused by the COVID-19 pandemic. Delays in the completion of the implementation agreement further hindered the company’s plans.
Century Entertainment’s termination of the gaming tables deal in Dara Sakor reflects the challenges and complexities faced by gaming companies amid shifting circumstances. As the company navigates negotiations for a new casino lease and operation agreement with LongBay Entertainment, the industry’s landscape in Cambodia undergoes scrutiny due to allegations against Zheng Heng Group. The decision to terminate the previous deal and explore new opportunities underscores the adaptability required in the dynamic and evolving gaming industry.