Lease terms were unacceptable
Lawrence Ho’s Melco International Development has cancelled plans to build a casino resort in the Eastern European republic of Georgia.
GGRAsia cited an announcement from Melco and its MelcoLot Ltd. unit stating, “Although every effort has been made to negotiate… on the lease terms, the parties are unable to reach an agreement on terms satisfactory to MelcoLot.” The land, located in the Georgian capital of Tbilisi, is owned by Dhabi Group Georgia LLC.
Melco’s partners in the failed venture included Express Wealth Enterprise Ltd., a wholly owned subsidiary of MelcoLot; Oz Gaming Georgia LLC; and Firich Enterprises, a gaming manufacturer and investor in Ho’s Tigre de Cristal in Russia’s Far East in the Primorye Economic Zone.
“The Melco group will continue to explore with Firich on appropriate opportunities for future commercial cooperation,” said the partners in a filing to the Hong Kong Stock Exchange.
