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Lawrence Ho closes Russian casino deal

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November 5, 2013

Lawrence Ho closes Russian casino deal

Macau casino developer Lawrence Ho Yau Lung has clinched an equity financing operation targeted at a Russian casino investment, two of his companies announced late Thursday.

Summit Ascent Holdings Ltd told the Hong Kong Stock Exchange it has paid US$9.02 million (72.02 million patacas) for 46 percent of an entity called Oriental Regent Ltd.

Mr Ho?s primary investment vehicle Melco International Development Ltd ? which holds a stake in Macau casino operator Melco Crown Entertainment Ltd ? said it paid US$980,392 for five percent of Oriental Regent.
The latter is a holding company that owns 50 percent of First Gambling Company of the Far East LLC. First Gambling in turn has a gaming licence in the Primorye region of the Russian Far East near Vladivostok.

Mr Ho holds a controlling 36.81 percent share of Summit Ascent and he is also the chairman of Melco International Development.
The estimated investment for the first phase of the Primorye resort ? next door to China?s Heilongjiang province ? is about US$130 million, according to earlier filings.

It will have a 119-room hotel, approximately 800 slot machines, 25 VIP gaming tables and 40 mass-market gaming tables, according to earlier filings.

Source Macau Business Daily,

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