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Promoting VIP room in Macau Fisherman’s Wharf

Macau Legend will receive 2 pct of the gaming revenue of the three VIP tables, as well as a monthly licence fee

A VIP room located in gaming operator Macau Legend Development Ltd’s Macau Fisherman’s Wharf property, is set to be promoted by a company owned by the father-in-law of one of the operator’s executive directors, according to a filing with the Hong Kong Stock Exchange.
Mr. Frank Wong, father-in-law of Macau Legend Executive Director Mr. Trainor-DeGirolamo, is set to, under his company Sheng Li V Limited, promote the Ka Sing VIP Club over the course of two years, for which he ‘shall be entitled to receive 57 per cent of the gross gaming income’ of the room from gaming licence holder Sociedade de Jogos de Macau (SJM).
The group managing the VIP room – Hong Hock, a subsidiary of Macau Legend – will receive 2 per cent of the gross gaming income, to be paid out by Mr. Wong’s company, with guarantees that ‘0.05 per cent or below of the rolling chips volume in connection’ with the VIP room ‘be spent to consume at the hotels, restuarants and other businesses of the Group’. Hong Hock will also receive a monthly licence fee per gaming table of HK$270,000, for licencing and expenses incurred on the VIP room.
Hong Hock will provide manpower, equipment, electricity and management of the operations and management of the VIP room.
Based on historical revenue, Macau Legend is ‘expected to share 2 per cent of the total gaming revenue of approximately HK$4,320,000 to HK$6,480,000 per year’ as well as ‘to receive the charge of approximately HK$3,600,000 to HK$5,400,000 per year in respect of hotel rental, food and beverages consumption’ by the patrons in the VIP room.
In addition, a company controlled by Mr. Wong, Seng Lei Loi Jewelry and Watches Company Limited, is set to rent a shop in Legend Palace for a term of two years ‘for retailing purpose for a total sum of approximately HK$450,000,’ notes the filing.