Oriental Regent has entered into an agreement to buy $1.28 million-worth of gaming products from Melco subsidiary Dolphin Products to be used in the company’s casino in Russia’s Primorye Gaming Project.
In a filing to the Hong-Kong stock exchange, Summit Ascent Holdings – which holds a majority stake in Oriental Regent and is backed by Melco International CEO Lawrence Ho – announced that the gaming products comprise 258,680 gaming chips and gaming plaques and will be used in the casino identified only as “Lot 9 within the Integrated Entertainment Zone of the Primorye Region, Russia.”
Ho, who is the chairman of Summit Ascent Holdings, has sought to put his stamp on Russia’s gaming zone through developing two casino hotels in the Primorye Region near China’s border. Due to the interests he holds in both companies involved in the agreement, the filing said he abstained from voting on the contract.
“Mr. Ho, Lawrence Yau Lung, being a Director, is a substantial shareholder of Melco (the ultimate holding company of Dolphin Products). He was deemed to have a material interest in the Contract and abstained from voting on the relevant board resolutions of the Company for considering and approving the Contract and the transactions contemplated thereunder in accordance with the requirements of the Listing Rules.”