Macau | Dragon Coin floating casino final contract "never signed" - developer

The company initially signed up by Dragon Coin to develop a floating hotel and casino in Macau for US$300 million revealed to MNA that several proposed contract changes and payment delays led to the falling through of the project just four months after first proposed

Macau (MNA) – Norwegian company Brova Idea AS has told Macau News Agency (MNA) that it has never succeeded to sign a final contract with the parts involved in Dragon Coin purporting to develop a floating hotel and casino in Macau and that it terminated its association with the project in November, 2017.

The company – which specialises in the development of floatable structures told newspaper Business Daily last year that it had been contracted to develop a floating structure for a hotel and casino named The Dragon Pearl Casino Hotel, to be docked in Macau.

The casino was initially expected to be set up in the city in April 2020 at an estimated cost of US$300 million (MOP2.42 billion), with Dragon Coin CEO Chakrit Ahmad having stated that the project would be financed by the company’s US$500 million dragon tokens Initial Coin Offering (ICO).

According to Brova Idea’s Chairman of the Board of Directors Milo Andric, however, after negotiations with Dragon Coin founders Paul Moynan and Mr. Ahmad started in August 2017, Mr. Andric decided to put an end to any dealings for the project in November of the same year.

Andric claims several changes kept being proposed by the Dragon representatives whereby the company would sign the contract – initially intended to be a Thai company named Wi Holdings and then later changed to a company that would allegedly list on the Hong Kong Stock Exchange.

The Brova head also stated that the first payment for the contract was repeatedly delayed by Dragon representatives.

At one point in the negotiations, Mr. Andric said he travelled to Hong Kong to attend the company’s opening ceremony on September 22, 2017 at his own expense and make a presentation to possible investors describing the floating casino project.

“They asked me to sign a contract during the event on stage but I refused saying I could only sign a contract after seeing and reading it, so we signed a pro forma contract on the stage. Afterwards, they said they would provide the final contract but it never materialised,” Mr. Andric told MNA.

He also stated that Mr. Moynan is not associated with Brova despite the co-founder of the Dragon project stating in his Linkedin account that he has been a partner of the company since February, 2017.

MNA reached out to Mr. Ahmad and Mr. Moynan for comments but had received no response by the time this article was published.

Recently, Dragon Coin stated it does not expect to face issues with Macau authorities, since the company is a “blockchain provider” and not a cryptocurrency project.