Elray Resources today announced it has entered into a binding Letter of Intent with Macau gaming company Golden Match.
Elray and Golden Match will enter into an Acquisition Agreement in which Elray will acquire all of the outstanding shares of Golden Match.
Brian Goodman, the company’s chief executive officer said in a report by Macau Business: “Elray will now be well positioned to develop and grow as a gaming entity internationally. The Macau opportunity together with the US listing will enable the company to raise growth capital, acquire other promoters in Macau as well as in other jurisdictions and negotiate more favourable terms with casinos due to its heightened profile.”
Golden Match is a company that has negotiated a profit sharing agreement with Cali Promocao de Jogos Sociedade Unipessoal Lda, a company that promotes casinos in Macau. The agreements that Cali currently has in place are with the MGM Macau, the Venetian, Wynn, Galaxy and City of Dreams.
Tourism in Macau is booming, with 2 million tourists flocking to the city last month. But data from the Statistic and Census Service shows that most only stayed a day.
The data revealed that visitor arrivals were up by 1.5% year-on-year in February, with same-day visitors accounting for 53% of the total.
The average length of stay of visitors decreased by 0.1 day year-on-year to 0.9 days, with that of overnight visitors being 1.8 days and same-day visitors 0.2 days.