Elray Resources Inc (ELRA)

[ospreyeye]

ELRA: read this and the last pr about Mr. Qi Xiaolong & Associates makes sense/cents -

To obtain a junket license the applicant must undergo a licensing procedure that aims mainly to confirm their suitability and that of their shareholders, directors and principal employees or collaborators. The current regulation places a great emphasis on the fact that the procedure and subsequent investigations after the license is granted are aimed to determine whether or not the applicant or the license holder is fit to develop the junket activity.

If the applicant is a company, Article 4, no. 1, requires that their corporate purpose is solely the junket activity and that their registered capital is only held by individuals and not companies. This is in order to allow the authorities to identify the ultimate beneficiary of the junket business transacted.

11:34 AM ET 7/15/14
Elray Resources Inc. (OTCBB:ELRA) announced today that it has begun generating considerable gaming activity in a Licensed Live Dealer Casino Facility located in Manila as a result of its Joint Venture with its Junket Operators, Mr. Qi Xiaolong and Associates.