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GREEK MYTHOLOGY ENTERTAINMENT GROUP
Signs MOU with B.O.P. Entertainment Group
For resort and casino project in Thailand-Cambodia Border Economic Zone
June 15, 2005, Hong Kong - Leading Macau gaming and entertainment group Greek Mythology Entertainment Group ("Greek Mythology" or the "Group") today signs a memorandum of understanding ("MOU") with B.O.P. Entertainment Group for the joint construction and operation of a resort and casino. The ceremony was witnessed by Mr Thay Vanna, Consul General, Consulate General of Cambodia. B.O.P. holds a casino license granted by the Cambodian government and owns a 42,000-sq-m plot of land in the Thailand-Cambodia Border Economic Zone in Poipet. Pursuant to the MOU, Greek Mythology plans to collaborate with B.O.P. in the development of a five star hotel and casino on the plot. The expected investment for the project is not less than US$50 million.
Gaming is permitted in the Border Economic Zone. Included in the project is a five star hotel with 600 guest rooms complete with dining and resort facilities. The hotel will house a casino with 600 gaming tables and 200 slot machines. B.O.P. holds a casino license granted by the King of Cambodia for foreign investments. Construction of the project is expected to take seven months.
The project is located in Poipet of Cambodia, adjacent to Aranyaprathet of Thailand. It is about 200 km or two hours' drive from Bangkok. Poipet has been designated as a "corridor zone" between the neighboring countries. As a transportation hub of the area, it is well connected with Phnom Penh of Thailand and Ho Chi Minh City of Vietnam. Gaming is currently prohibited in Thailand, but Poipet is a favorite tourist spot for Thais. It is anticipated that 90% of the guests of the hotel and casino will be from Thailand and other neighboring Southeast Asian countries.
Mr Michael Chan, Vice Chairman of Greek Mythology Entertainment Group, said: "With a strong profile in Macau, our Group looks forward to this new project for added momentum to our sustained growth."
Hong Kong public listed A-Max Holdings Limited (HKEx: 959) is the second largest shareholder of the casino, holds 19.99% interest of the Group. The Group reported that in the first 4 months of 2005, Greek Mythology Casino in Macau registered net gaming income of over MOP234 million (net of gambling taxes of about 40 percent and concessions paid).
Mr Ng Man Sun is the single largest shareholder of A-Max Holdings Limited, New Century Hotel, Macau and Greek Mythology Entertainment Group.
Issued by :
Greek Mythology Entertainment Group
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Angus Ho or Winnie Pang
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