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China – Dragon Pearl floating casino slain by fall-out between partners

By - 19 July 2018

Dragon Pearl, the floating Macau casino that was to be built from the profits of block chain technology, has run a ground following a fall-out between project partners Dragon Incorporation and Norwegian company Brova Idea AS.

Dragon said that discussions with Milo Andric, Head of Brova, broke down towards the end of 2017 when, according to Dragon’s CEO, Chakrit Ahmad, Mr. Andric repeatedly asked for an upfront payment and ignored requests to prove funding for the project existed.

Dragon was willing to sign a legally binding agreement on the condition that its funding would be protected in an escrow account but when Mr. Andric allegedly asked for a loan.

Dragon’s Mr. Ahmad said: “The floating casino wasn’t the main business for Dragon. It was a good PR and didn’t require much funding as 80 per cent was promised by Brova. He demanded cash upfront. We pushed for Escrow or Bank Guarantee and the escrow or Bank Guarantee would have been released once the financing 80 per cent was secured according to his promise.”

However Brova’s Mr. Andric claimed in comments to Macau News Agency: “They asked me to sign a contract during the event on stage but I refused, saying I could only sign a contract after seeing and reading it, so we signed a pro forma contract on the stage. Afterwards, they said they would provide the final contract but it never materialised.”

Dragon has said that it now intends to pursue the project via a separate company but admits the floating casino concept could be shifted to a land-based casino.

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