SBC News Voice of the Sports Betting Industry
Asian gambling investment firm Melcolot Ltd has announced that it is in advanced stages to proceed with its Georgia casino project. The firm had outlined to November 2014 that it coveted opening a casino in Tbilisi, and that management had started to discuss terms with local officials.
The news of the advanced staged discussions with the Georgian government have been backed by Deputy Economic Minister Ketevan Bochorishvili, who stated to local news sources that Melcolot would likely receive their casino operator licence within two months.
Melcolot senior management have been scouting potential construction areas for their casino project in Tbilisi. Georgian news sources have speculated that the casino may likely be attached to the construction of the $140 million Millennium Bilmore Hotel complex.
If approved by the Georgian government, the Tbilisi casino project will mark Melcolot’s first venture into Eastern Europe. Melcolot chaired by businessman Lawrence Ho Yau Lung currently operates casinos and leisure complexes in the Philippines, Macau and Australia through its joint partnership with Crown Resorts.
In its latest annual report. Melcolot had reported losses of $8.8 million, as the its casino operations in Asia had been impacted on by the Macau gambling downturn. Melcolot management are said to be further investigating opening smaller gambling projects in less saturated markets outside of Asia.
