Asian junket operator Jimei International Entertainment Group Limited has reportedly announced the end of a partnership with NagaCorp Limited that saw it promoting seven gaming tables inside the latter’s NagaWorld development in Phnom Penh.
According to a report from GGRAsia, Jimei International Entertainment Group Limited, which is led by Macau casino industry veteran Jack Lam Yin Lok, established its Cambodian arrangement with NagaCorp Limited in May of 2015 but declared as part of its annual financial results that the deal had ended on January 31 as a result of “the non-renewal of relevant contractual documents”.
The financial statement reportedly saw Hong Kong-listed Jimei International Entertainment Group Limited additionally explain that it had exited an arrangement that had seen it agree to assist two other firms in the development of an “entertainment resort” in Cambodia. Announced in March of 2016, this scheme was to see the trio build a complex at an unspecified location offering a hotel along with a golf course, theme park and “other entertainment and tourism business”.
For 2016, Jimei International Entertainment Group Limited reportedly declared that an impairment loss of $12.9 million on trade and other receivables led to an annual deficit of approximately $5.1 million, which compared to a profit of about $1.1 million for 2015, while its revenues improved by 8% year-on-year to $24.8 million.
“Whereas the NagaWorld junket arrangement came to an end in January [of] 2017, the group shall continue to explore the possibility of further extending its business into the gaming and entertainment market to further broaden its income sources,” read a statement from Jimei International Entertainment Group Limited. “Under the leadership of an experience and energetic core management team, we have full confidence we can steadily develop our business. The group shall strive to take a prudent approach in business development to safeguard a higher shareholder’s return.”
GGRAsia further reported that Jimei International Entertainment Group Limited still has junket arrangements in Australia with The Star Sydney, which is owned by The Star Entertainment Group Limited, and Crown Resorts Limited’s Crown Perth property while Lam is moreover involved through his privately-held Jimei Group business in running a similar enterprise at the City Of Dreams Macau alongside operating Macau’s Jimei Casino under a license held by SJM Holdings Limited.