MelcoLot drops Georgia casino project

MelcoLot said its plans for a casino in Georgia will not proceed after failing to reach accord over a prospective site.

The company said it has been negotiating with Dhabi Group Georgia over a potential lease. “Although every effort has been made to negotiate with Dhabi on the lease terms, the parties are unable to reach an agreement on terms satisfactory to MelcoLot,” it said in a Hong Kong Stock Exchange filing last week.

It said it will continue to explore possible opportunities for future cooperation Firich Enterprises, one of its potential partners in the Georgia project in the capital Tbilisi.

The conditional subscription agreement dated 20 November 2014 involved MelcoLot, Express Wealth Enterprise Ltd, Firich Enterprises Co Ltd and Oz Gaming Georgia LLC.