China Star Entertainment buys Protective Capital for HK$800 million

    China Star Entertainment says it agreed to buy Protective Capital Group Limited, the owner of the Eight Elements junket operator, for HK$800 million ($103 million), which will include HK$600 million in cash and HK$200 million in promissory note. 

    The purchase price represents 10.69 times the net profit of unit Eight Elements.  SJM Holdings appointed Eight Elements as the gaming promoter for the VIP gaming floor in Casino Lan Kwai Fong, namely Eight Elements VIP Rooms, for a period of three years commencing from 31 July 2009. The accord was renewed in 2012 for a further three years.