Success Dragon International Holdings Ltd., which changed its name two weeks ago from CY Foundation Group, announced that it has signed agreements with two five-star Vietnam hotels to manage electronic gaming machines in their gaming clubs.
The company will manage slots at Le Meridien Hotel in Ho Chi Minh City, which is owned by Tien Phuoc and 990 Co,. Ltd.; and at One Opera Hotel in Danang, reports GGRAsia. Both deals are for initial 10-year periods, with options for extensions.
According to a filing with the Hong Kong Stock Exchange, under the One Opera Hotel agreement, Success Dragon will receive a management fee of 4 percent of the total gross monthly revenue for management of the EGM club at the hotel.
“Vietnam laws presently only allow foreigners and Vietnamese residing in overseas countries holding foreign passports to wager in casinos and electronic gaming machine clubs,” the filing said. “It is expected that there will be more foreign visitors to Vietnam, leading to a potential growth for the electronic gaming industry.”
Success Dragon currently manages around 800 gaming machines in Macau.
