Century Entertainment International Holdings, Hong-Kong based says it has signed a non-binding MoU or memorandum of understanding with a PAGCOR or Philippine Amusement and Gaming Corp-licensed company to establish a joint venture to market and further develop and existing gaming system platform, as well as content development business.
The company stated it will set up the joint venture as a limited liability company in Hong Kong. Century Entertainment will hold 51 per cent equity interest, as well as the joint venture partner 49 per cent. It said the parties will work to formalize the corporate structure, governance, as well as operational framework within 30 days.
MoU states that Century will give technical support for research and development, maintain the platform, help with market access by its distribution channels, support marketing teams, as well as business development, and offer administrative support like financial management, legal compliance, and human resources. The joint venture partner will contribute its gaming system platform, content, software, source code, and related intellectual property.
Each party will share profits and losses based on their ownership percentage. Century stated that the MoU is not legally binding that there is no assurance the joint venture will proceed as contemplated or at all, except for the confidentiality and governing law provisions.
After Bloomberry Resorts launched MegaFUNalo, its online gaming platform, the announcement comes. The platform offers free-to-play games, live shows, as well as real-money prizes, moreover to free-to-watch movies. This includes digital versions of casino games like poker, blackjack, roulette and baccarat, together with numerous arcade games. It will compete with offerings from other electronic gaming license holders, together with DigiPlus Interactive Corp.
