Asia Pioneer Entertainment has entered into an Operating Lease Agreement with Glimex to lease electronic gaming equipment to Glimex, for use at Palace Casino located at JPark Island Resort in Cebu the Philippines, for a term of 24 months.
APE will place up to 86 units of Electronic Gaming Equipment into JPark Palace Casino on an operating lease basis and will receive a variable rental income through Glimex of equivalent 22.5 per cent of the Net Performance of each Leased EGE on a quarterly basis.
This Agreement is in addition to the existing 24 units of EGE that APE supplied under Finance Lease agreement with Glimex in Dec 2018, bringing the total number of EGE supplied to Palace Casino to 110 units.
Glimex is a company duly organised and existing under and by virtue of the laws of the Philippines and is principally engaged in the business of distribution of products in the power, energy and gaming sectors. Glimex is a sub-operator and has entered into an operating agreement with the operator which is the VIP tour operator concession owner of Palace Casino at Jpark Island Resort, the Philippines.
Mr. Chan, Tony Chi Lun, Chief Financial Offer and Executive Director of APE Holdings said: “As a total solutions provider of EGEs for land-based casinos in Macau as well as other regions in Asia, we are really excited to enter into this Operating Lease Agreement with Glimex, to extend our footprints in the Philippines. This is a strategic move for APE to scale our operating leasing business in Asia and we will devote ourselves to seize the opportunities generating from the demand from Glimex and the market in this country. In addition, we may further expand the operating leasing business in Macau and other counties in the South East Asia in the future.”
Arvin Gacrama, Vice President of Glimex Inc concluded, “We believe the co-operation between Glimex and APE will bring new innovations for Philippine licensed land based casinos to expand their equipment financing operations. We look forward to partnering APE in more business opportunities in the Philippines gaming sector to bring innovative products and financing solutions.”