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Shareholders of casino services company Macau Legend Development have approved a variable interest company (VIE) deal between its wholly-owned subsidiary Hong Hok Development and VIP game promoter. Macau Legend said in a regulatory filing on Thursday that the vote was finalized at an extraordinary general meeting. 카지노사이트 모음

The company said in a previous filing that its deal with New Legend VIP Club Ltd would allow Macau Legends to "diversify its business and engage indirectly in the game promotion business."

Macau Legend, controlled by businessman David Chow Kam Fai, is constructing three hotels and more entertainment venues on Macau Fisher's Wharf, located on the waterfront of the Macau Peninsula. The revamp, which will include two new casinos, will cost around HK$6 billion ($774 million), the company said.

The company already operates Babylon Casino and Pharaoh Palace Casino at the landmark Macau Hotel under the SJM Holdings Ltd license.

Macau Legends said the VIE agreement with New Legends would change the relevant VIP business model from a rolling chip fee model to a revenue share model calculated at 42%.

Under Macau law, Macau Legends cannot directly participate in game promotion activities through its subsidiaries. Applying the VIE structure allows Macau Legends to indirectly participate in game promotion projects.

Currently, New Legend is only promoting its VIP room, the New Legend VIP Club, at the Pharaoh Palace Casino. The VIP club has six game tables, the company said.

More companies interested in the so-called "satellite casinos" in Macau are planning to take stakes in the profits of VIP game operators. China Star Entertainment Ltd., which controls the downtown Macau casino Lanquai Fong, is in talks to buy a stake in the profit flow from a junket operator called Eight Element Entertainment Limited.