Southern Ruby Ltd., a company in which Macau’s Ng Man-sun holds a 73.45 percent interest, has signed a memorandum of understanding to acquire the Grand Hotel and Casino in Port Vila, Vanuatu from Australia’s Zagame Corp. The deal was announced by Amax Holdings Ltd., which last month announced a preliminary deal to buy a 51 percent stake in Southern Ruby from Ng, Amax’s chairman and chief executive. Amax said Southern Ruby is seeking to obtain a gaming license to operate the Grand Casino. Talks with Zagame are to conclude by September 30 pending further extension.
The 74-room Grand Hotel is Vanuatu’s tallest building and its casino includes 12 tables, a VIP room and 122 gambling machines, according to its website. The casino, which opened in 2009, was previously managed by what is now Australia’s Echo Entertainment Group Ltd. under its Jupiters brand via a A$1 million a year contract.
Southern Ruby also has entered into preliminary agreements to buy 10 percent of the Lara Park Hotel in Girne in the Turkish Republic of Northern Cyprus and acquire exclusive rights to operate a casino there. Amax, which has a stake in the Greek Mythology Casino in Macau, has proposed to change its name to Amax International Holdings Ltd.