ELRA(0.006)>> MONSTER 30 million $ MERGER DD ,8-K is next >>
Elray Resources Inc. announced on Friday that it has entered into an agreement to acquire all of the outstanding shares of Golden Match, which acts as a VIP room gaming promoter in Macau.
The deal follows a letter of intent signed on March 22.
Elray Gaming announced a 'binding letter of intent' to acquire Golden Match, who's principal business activity is to hold a profit share agreement with a VIP Room Gaming Promoter, the terms of which they receive 80% of the profit stream from the Promoters, which currently participates in the promotion of many major luxury VIP gaming facilities in Macau, China, the largest gaming market in the world.
The company has negotiated a profit sharing agreement with Cali Promocao de Jogos Sociedade Unipessoal Lda. (CALI), a company duly incorporated under the laws of the Special Administrative Region of Macau, and promotes Casinos in Macau SAR pursuant to a license issued by the Gaming Inspection and Coordination of Bureau of the Government of Macau SAR.
Over the past 5 months, CALI generated approximately $17 million (US) profit after tax
Cali currently has agreements in place are with MGM Grand Macao, a division of MGM Resorts International (NYSE:MGM), the Venetian, Wynn Resorts, Limited (NASDAQ:WYNN), Galaxy Entertainment Group Limited (HKG: 0027), and City of Dreams.
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