Melco and New Silkroad Enters into Strategic Cooperation Arrangement on the Provision of Consultancy Services
10.5.2016 12:59 | NASDAQ OMX
HONG KONG, 2016-05-10 12:59 CEST (GLOBE NEWSWIRE) -- Melco International Development Limited(“Melco”) (HKEx Code:200), a world leader in the leisure and entertainment sector, and New Silkroad Culturaltainment Limited (“New Silkroad”) (HKEx Code:472) today announced that Melco Gaming Assets Management (Korea) Limited, a wholly-owned subsidiary of Melco, has entered into a strategic cooperation arrangement with New Silkroad Korea Development Limited, a wholly-owned subsidiary of New Silkroad on the provision of consultancy services for its casino project on Jeju Island, South Korea.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/efa10824-c659-49c0-802e-cdc6991af468
Pursuant to the cooperation arrangement, Melco is to provide consultancy services to New Silkroad with regard to building, equipping and fitting-out of New Silkroad’s new casino on Jeju Island, as well as preparation and organization of the casino’s marketing activities. The services also include the provision of intellectual property and know-how.
Mr. SU Bo, Chairman and Executive Director of New Silkroad, said, “The strategic partnership with Melco will enable New Silkroad to benefit from the extensive experience and expertise of the respected international gaming brand, through its participation in the design and early-stage development of our mega-casino. We expect the casino to be a true world-class player with the highest standards in operations and internal controls, enabling us to grow and enhance our core competitiveness while we diversify our business into overseas tourism real estate industry, thereby broadening our income sources and creating value to our shareholders. We look forward to a long term partnership with Melco as we grow into a larger and more sustainable company.”
Mr. Clarence Chung, Executive Director of Melco, said, “We are delighted for Melco to participate in this exciting project in South Korea with New Silkroad. Leveraging our strong experience and proven track record of creating and operating world-class integrated entertainment and leisure resorts across different geographies such as Macau, Manila and Russia, Melco can bring professional concepts and practices to New Silkroad’s project and enhance Jeju’s tourism appeal on a global stage.”
New Silkroad has officially entered South Korea’s gaming and entertainment business through the acquisition of Development Golden Beach Co., Ltd. (“Golden Beach”) last December. Upon completion of the latest acquisition, New Silkroad will hold a 72% equity stake in Golden Beach, which was awarded the Gaming Licence No. 8, one of the eight gaming licences on Jeju Island and operates a casino there. With the string of world-class integrated resorts opening on Jeju Island, coupled with the South Korean government’s vigorous promotion efforts, Jeju’s tourism industry, along with the island’s casino market is expected to undergo rapid growth. New Silkroad is looking to expand the casino business with the purpose to capture the growing gaming market and booming tourism industry on Jeju Island. The move is also in line with the strategy of its substantial shareholder Macrolink Real Estate Co., Ltd. to expand the tourism real estate businesses.
About Melco International Development Limited
Founded in 1910 and listed on the Hong Kong Stock Exchange since 1927, Melco International Development Limited (“Melco”) (HKEx Code:200) was among the first one hundred companies established in Hong Kong. Today, under the leadership of its Chairman and Chief Executive Officer, Mr. Lawrence Ho, Melco has become a world leader in the leisure and entertainment sector with operations in China, Philippines, Cambodia, and Russia. Its promising performance and distinctive leadership in the industry are also well recognized worldwide. In May 2016, Melco became the single largest shareholder of Melco Crown Entertainment, a leading developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia, further bolstering the Group’s financial position through incorporation of the accounting subsidiary’s full financial contributions. Melco has been honoured with the “Corporate Governance Asia Annual Recognition Award” by Corporate Governance Asia magazine for ten consecutive years since 2006. It is also the first entertainment company to receive the “Hong Kong Corporate Governance Excellence Awards” by the Chamber of Hong Kong Listed Companies and the Centre for Corporate Governance and Financial Policy of the Hong Kong Baptist University. For more information about Melco, please visit www.melco-group.com.
About New Silkroad Culturaltainment Limited
New Silkroad Culturaltainment Limited (formerly known as JLF Investment Company Limited) (“New Silkroad”) (HKEx Code:472) is an investment holding company. Its subsidiaries mainly focus on the production and sale of wine and baijiu under its own brands in China, development and operation of overseas real estate, cultural tourism and gaming businesses. Macrolink Real Estate Co. Ltd. (“Macrolink Real Estate”) (SZSE Code:000620) through its wholly-owned subsidiary, Macro-Link International Land Limited is the substantial shareholder of New Silkroad. Macrolink Real Estate is a property developer controlled by Macro-Link Holding Company Limited (on the list of China’s Top 500 Companies) and has developed over 30 large scale integrated real estate projects since 1992. For more information, please visit the corporate website of New Silkroad at http://www.newsilkroad472.com and Macrolink Real Estate at http://www.xhlbdc.com.
The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.
|Melco International Development Limited|
|Senior Vice President, Corporate Communications and Public Relations|
|Tel: (852) 3151 3767|
Strategic Financial Relations Limited (for Melco)
Tel: (852) 2864 4812
Tel: (852) 2864 4855
Hill+Knowlton Strategies (for New Silkroad)
Tel: (852) 2894 6315 / 9387 6545
Ka Wai Li
Tel: (852) 2894 6252 / 9011 0296
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