Century Entertainment Signs New Five-year Deal to Operate Eight Gaming Tables at Cambodian Casino
Century Entertainment International Holdings has signed a new five-year agreement to operate eight gaming tables in Dara Sakor, Koh Kong. It shifted its gaming north from Sihanoukville during the pandemic through a deal with Lion King Entertainment.
Century Entertainment will place the new gaming tables in the mass market area of the casino. The company will take 100% of the house winnings and will be responsible for 100% of the losses. It will cover staff costs and taxes associated with the tables.
The company will be responsible for verifying player identities, keeping records on players and junkets, recording bets, monitoring revenue and reporting suspicious irregularities. The new gaming tables will only accept cash. Chinese customers are expected to be the main patrons.
The new agreement is worth $7.39m and is offset by Century’s CEO’s holding in Lion King, which amounts to the same value. The casino opened in November 2021 but its launch was affected by Covid-19 countermeasures.
As of September 30, 2022, an appraisal of the tables’ value totalled $8.11m, indicating that the new agreement represents a discount of approximately 8.8% to the preliminary valuation.
The casino covers 10,500 square meters in size, with the gaming areas making up 7000 square meters. It has 20 mass gaming tables offering baccarat (including the new tables) poker, blackjack, and sic bo, as well as 50 electronic gaming machines, 25 VIP tables and a Chinese restaurant. Century Entertainment is leasing the casino and gaming licence until April 2036 and intends to work with the leaser to renew the gaming licence promptly on an annual basis.