A British Virgin Islands-registered marketing firm, Vivo Tower Holdings Ltd., will partner with Cambodian manufacturing company MG Technology Bhd to operate several gaming and non-gaming facilities at Donaco International’s Star Vegas casino resort in Cambodia.
In a filing to Bursa Malaysia, MQ Technology stated it is now looking to expand into “marketing services for gaming-related businesses.” GGRAsia described the company as “a loss-making firm that has been involved manufacturing molds, tools, dies, jigs, fixtures and car spare parts.”
Vivo Tower Holdings Ltd. is a British Virgin Islands-registered international casino marketing company originally tapped to bring international junket players to Star Vegas. The companies will “exclusively develop and implement marketing services as well as to provide manpower for Vivo Tower’s conduct of operations,” at Star Vegas, the filing stated.
The filing also stated that MQ Technology reported a loss for the three financial years up to the year ending December 31, 2016. The company is looking to raise nearly MYR4.15 million (US$1 million) via private placement of nearly 83 million shares, 20 percent of its issued shares, at MYR0.05 per share.
One of the two subscribers is accountant Wong Ken Hong, described in the filing as an executive director of MQ Technology and former senior director of finance at casino cruise operator and Philippine casino investor Genting Hong Kong Ltd, with “over 16 years of experience in gaming and leisure industries.” The other subscriber has been identified as Woo Yee Foo, a Canadian accountant and former banker.
Donaco CEO and Managing Director Joey Lim Keong Yew is a part of the Malaysian family that founded gaming giant Genting Bhd.
MQ Technology’s filing stated of Donaco International: “The resort owner had allocated certain designated areas within the resort, i.e. the casino premises, for Vivo Tower to manage and conduct its operations for the resort owner. The allocated casino premises for Vivo Tower consist of gaming rooms and entertainment rooms.”
The filing added, “The gaming rooms within the casino premises include one main hall, one VIP hall, one premium lounge, and six VIP rooms. The entertainment rooms within the casino premises include, amongst others, 70 hotel rooms, one Chinese restaurant, one coffee house with international street hawker cuisine and waiting lounge area.”
Vivo Tower’s operations in the casino started in July “for a period of five years with the option to renew for a further five years.” According to MQ Technology, Vivo will pay Donaco US$1.5 million for the 2018 financial year, a figure that will rise to $3 million thereafter.
