Hong Kong-listed Century Entertainment International Holdings Ltd, formerly known as Amax International Holdings, says it expects to reopen casino operations at a new location in the Chinese-backed investment zone Dara Sakor, Cambodia, before the end of the current quarter.
In 2019, Century Entertainment signed a five-year deal with Lion King Entertainment Company Ltd – a company wholly-owned by its CEO Ng Man Sun – under which it was assigned Gaming Table Business Rights for five years at a casino in Sihanoukville run by him for a consideration of HK$120 million.
However, casino operations were forced to shut down in April 2020 due to the COVID-19 pandemic, with Ng later revealing he had received a more attractive offer to move his casino to Dara Sakor. The new location, Century Entertainment announced in October, would cover a gross floor area of 10,500 square meters and boast 40 mass gaming tables, 55 VIP tables and 80 slot machines as well as a Chinese restaurant, spa and night club.
In a Thursday filing outlining details of the company’s planned capital reorganization, announced last month, Century Entertainment said it was “actively working on the arrangement with the assignor on the resumption of the Gaming Table Business at the new casino. It is expected that the Gaming Table Business can be resumed by the first quarter of 2021.”
The company also revealed it is considering a “cost and time effective equity fundraising activity” to supplement the general working capital of the group to support its daily operations. It said that a large portion of the existing internal resources and operating cash inflow from the group’s principal business activities for at least the next 12 months from the resumption of the Gaming Table Business will be utilized to settle current liabilities, which sat at HK$138 million as of 30 September 2020.