Macau Legend enters junket accord to boost VIP gaming revenue

Macau Legend said its subsidiary Hong Hock has entered into a variable interest entity agreement allowing it to boost its share of revenue from junket operator New Legend, according to a Hong Kong Stock Exchange filing. Currently, New Legend only promotes a VIP room, New Legend VIP Club, in Pharaoh’s Palace Casino in The Landmark Macau. In the future, New Legend may promote other VIP room in the same casino or others, it said. The deal boosts its share of revenue from the junket from 2 percent of gross gaming revenue to 42 percent. It will also receive expense reimbursement of up to 15 percent of GGR.