Oriental Regent has announced its intention to spend $1.28 million on gaming products created by Dolphin Products, a subsidiary of Melco. The products will be used for a new casino located in a portion of the Russian Primorye Gaming Project – Tiger de Cristal. A filing was sent to Hong Kong Stock Exchange via Summit Ascent Holdings. The company has the majority of shares in Oriental Regent. The filing showed is backing by Melco International.
Melco’s CEO Lawrence Ho stated 258,680 chips and plaques will be used in the Primorye Region Russia project. Ho is also a chairman for Summit Ascent Holdings. He helped push the gaming zone and development of two hotels in the region. Primorye Region is close to the China border.
“Mr. Ho, Lawrence Yau Lung, being a Director, is a substantial shareholder of Melco (the ultimate holding company of Dolphin Products). He was deemed to have a material interest in the Contract and abstained from voting on the relevant board resolutions of the Company for considering and approving the Contract and the transactions contemplated thereunder(sic) in accordance with the requirements of the Listing Rules.”