New Silkroad Culturaltainment Limited (“New Silkroad” or the “Company”, HKEx Code: 00472) is pleased to announce that its casino at Jeju KAL Hotel, South Korea, has been officially renamed as “MegaLuck Company Limited” (“MegaLuck”), with Chinese name “株式會社美高樂” (“美高樂”). The renaming signifies the success of the new management in consolidating the existing casino business and to usher its brighter future, grasping the opportunities brought about by the rapid development of gaming and tourism in Jeju, and taking a step forward in developing one of the largest integrated resort complexes in South Korea.
The new name in Chinese “美高樂”, means the casino will offer a fascinating environment, world-class gaming and entertainment facilities and a joyful gaming experience to all the guests; the use of the English name “MegaLuck” implies that the casino shall bring utmost luck to all its guests. The casino currently operates one Roulette table, two Black Jack tables, 25 Baccarat tables and 24 electronic game machines.
After a sequences of acquisition, New Silkroad now controls 72% of MegaLuck which owns a gaming license on Jeju Island. MegaLuck has already started to make contribution to New Silkroad financially. It has recorded HK$17 million revenue for the first half of 2016, accounting for 14.8% of the Company’s total revenue.
Furthermore, New Silkroad has also formed a strategic alliance with Melco International Development Limited (“Melco”, 00200) in May last year whereby Melco will provide planning, development and implementation advisory services for the new casino, as well as the preparation and marketing events for the Casino’s commercial launch.
In addition, the Company also took control of Macrolink Glorious Hill Co., Ltd (“Glorious Hill”) via a capital injection with the objective to develop the project under Glorious Hill into a mega integrated resort complex in South Korea, within which, a large-scale casino, to further expand the gaming and entertainment business of the Company.
Mr. Paul Ng, Executive Director of New Silkroad said, “New Silkroad will see MegaLuck to evolve into a world-class gaming and entertainment conglomerate with the highest standards in operations and internal controls among the industry, at the same time also enabling New Silkroad to grow and enhance its core value while we expands our business into the cultural tourism area, thereby broadening our income sources and enhance business growth. This renaming marks the new management team’s key milestone in leading the gaming business into a new stage. It is our goal to strengthen the strategic partnership with Macrolink, Melco and UTour, with an view to further develop our business into a higher dimension.”