After completing a series of deals that saw it gain control of 72% of the casino inside the Jeju KAL Hotel in South Korea, Chinese real estate developer and operator New Silkroad Culturaltainment Limited has announced that the enterprise has been re-branded as the MegaLuck Casino under the control of its new MegaLuck Company Limited subsidiary.
Located on Jeju Island and previously known as the Golden Beach Casino, the foreigner-only venue offers 24 electronic gaming machines and one roulette table alongside a pair of blackjack tables and 25 baccarat tables while New Silkroad Culturaltainment Limited declared that the new name means that the property intends to offer “a fascinating environment and world-class gaming and entertainment facilities and a joyful gaming experience to all guests”.
“The renaming signifies the success of the new management in consolidating the existing casino business and ushering in a brighter future, grasping the opportunities brought about by the rapid development of gaming and tourism in Jeju and taking a step forward in developing one of the largest integrated resort complexes in South Korea,” read a statement from Hong Kong-listed New Silkroad Culturaltainment Limited.
Controlled by Chinese firm Macro-Link Holding Company Limited via its Macrolink Culturaltainment Development Company Limited subsidiary, New Silkroad Culturaltainment Limited is also a leading wine distributor in Asia and revealed that the MegaLuck Casino recorded first-half revenues of $2.19 million last year and accounted for 14.8% of the firm’s total business.
“New Silkroad Culturaltainment Limited will see MegaLuck Company Limited evolve into a world-class gaming and entertainment conglomerate with the highest standards in operational and internal controls,” read a statement from Paul Ng, Executive Director for New Silkroad Culturaltainment Limited. “At the same, [MegaLuck Company Limited] will also enable New Silkroad Culturaltainment Limited to grow and enhance its core value while we expand our business into cultural tourism areas thereby broadening our income sources and enhancing business growth.”
New Silkroad Culturaltainment Limited stated that it previously took control of Macrolink Glorious Hill Company Limited with the objective of developing a new integrated casino resort on Jeju Island under the Glorious Hill brand and in May signed a deal that has seen operator Melco International Development Limited, which is controlled by Hong Kong businessman Lawrence Ho Yau Lung, provide it with associated consultancy services.
“This renaming marks a key milestone in the new management team leading the gaming business into a new stage,” read the statement from Ng. “It is our goal to strengthen our strategic partnerships with Macrolink [Culturaltainment Development Company Limited], Melco [International Development Limited] and UTour [Group Company Limited] with a view of further developing our business to a higher dimension.”