Philippines – It has been announced today that Makati City based Glimex Incorporated has agreed a deal with Asia Pioneer Entertainment Holdings to lease gaming equipment over a period of two years.
The equipment is to be used in The Palace Casino Cebu, which is located in Jpark Island Resort – a five star luxury family resort with its own private beach and a 24 hour state of the art casino establishment.
Based in Macau, Asia Pioneer Entertainment Holdings is a global distributor of gaming equipment and machines; licensed by the Gaming Inspection and Coordination Bureau of Macau.
As part of the agreement, Glimex Incorporated has agreed to pay a lease rent of around 22% per month on gross income to Asia Pioneer Entertainment Holdings over the course of a 24 month period with the fee not exceeding around 1.3 million Euro.
Asia Pioneer Entertainment Holdings noted in a filing on Monday:
“Given the demand for leasing of electronic gaming equipment in the Philippines, the company decided to commence the operating leasing business in the Philippines. It may further expand the operating leasing business in Macau and other Southeast Asian countries in the future.”
Casino establishments and integrated resorts are a big part of the economy in the Philippines and contribute massively to the Philippine economy.
The Palace Casino Cebu is a casino venue that is only available to tourists of the archipelagic country and not native residents. Only those with foreign passports can engage in gambling activities at Jpark Island Resort and a passport must be presented to the casino staff in order to play.