Colorado Springs headquartered international casino entertainment organisation Century Casinos Inc, has entered the Vietnamese gaming market via its Austrian subsidiary Century Resorts Management GmbH.
Acquiring a 51 percent stake in Hong Kong firm Golden Hospitality Limited for $560,000, it has entered into an agreement with the owner of a small hotel and international entertainment and gaming club in Vietnam, Minh Chau Ltd.
Situated on the border of Vietnam and China, where casino gambling is illegal, which it shares with the Yunnan and Guangxi Chinese provinces, the firm stated that it’s aware of three other hotel and gaming operations along the 800 miles long border, ”which compare to the Company’s project”.
Regarding these properties, Century Casinos provides the following information:
The agreement sees Golden 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 approximately $3,570,000
Erwin Haitzmann and Peter Hoetzinger, Company’s Co-CEOs, stated: “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.”
Plans to manage the operations of Minh Chau will commence within two months, for a management fee of 26% of its profit, with a number of minority shareholders of Golden also detailed, which include “a set of Asian investors with many years of experience in the gaming and hospitality industry in IndoChina.”
