Golden, a Hong Kong company, has entered into agreements with Minh Chau, the owner of a small hotel and international entertainment and gaming club in the Cao Bang province of Vietnam, just 300 feet from the Vietnamese – Chinese border station.
These agreements allow Golden to manage the hotel and international entertainment and gaming club for a management fee and to acquire a minimum of 51% of Minh Chau over the next three years for approx. US$3.5m.
Golden plans to start managing the operations of Minh Chau within the next two months against a management fee of 26% of Minh Chau’s profit.
The hotel offers 30 low-standard rooms and the international entertainment and gaming club currently offers seven electronic (table) games for non-Vietnamese passport holders under a provincial investment certificate that allows for up to 26 electronic games. Golden’s intent is to upgrade and expand the hotel and gaming entertainment facilities.
Minority shareholders of Golden include a set of Asian investors with many years of experience in the gaming and hospitality industry in IndoChina.
There are three other hotel and gaming operations along the 800 miles long Vietnamese – Chinese border, with two in Mong Cai and one in Lao Cai.
“We are excited about this opportunity to enter the Asian land-based gaming market with a relatively small initial investment but great upside development and investment potential,” said the Company’s Co CEOs Erwin Haitzmann and Peter Hoetzinger.
Source: G3 Newswire
