Ying Hai Announces Provision of Hotel Management Service Agreement

which further stabilises income and brings more cooperation opportunities

HONG KONG, June 18, 2021 /PRNewswire/ -- Ying Hai Group Holdings Company Limited ("the Company" or "Ying Hai Group", together with its subsidiaries, the "Group", HKSE stock code: 8668) is pleased to announce that, the Group entered into an Agreement with Waldo Hotel Limited, Waldorf Holding and Waldorf Realty, to provide management services to Waldo Hotel and all commercial space, business, tangible and intangible property in Waldo Hotel (except casino).

Waldo Hotel is an entertainment hotel in Macau. Officially opened in 2004, Waldo Hotel includes around 160 rooms and suites. Waldo Hotel is equipped with wide range of entertainment facilities, including but not limited to seafood restaurants, spa and sauna and casino. Waldo Hotel has been one of the suppliers of hotel rooms to the Group in its sale and distribution of hotel rooms business.

Under the Agreement, the Group will provide management services in relation to the business operation of Waldo Hotel and all commercial space, business, tangible and intangible property in Waldo Hotel including hotel rooms and hotel facilities and its restaurants but excluding the casino from 17 June 2021 to 26 June 2024. The Group shall have the general management powers over Waldo Hotel and the right to sublease the commercial space and business in Waldo Hotel (other than the casino) to a third party.

Mr. Choi Wai Chan, Chairman, Chief Executive Officer and Executive Director of the Group said: "The Pandemic caused a serious blow to the travel industry of Macau and the overall income of Macau's travel industry has substantially scaled down. Therefore, the Group's revenue performance is also inevitably affected. By entering into the Agreement with one of our suppliers, Waldo Hotel Limited, we expect that the Group can generate a stable income from the business, in order to improve its competitiveness of the industry chain which the Group has deployed over the past years. Meanwhile, the Group will continue to actively explore other development opportunities to strengthen its current market leading position."

About Ying Hai Group Holdings Company Limited

Ying Hai Group Holdings Company Limited was established in 2014, the first listed tourism company in Macao. The Group committed to innovation and attempt and integrated online and offline channels in optimizing our services, in order to provide the newest tourism resources, products, and customized services to our customers. The Group's services including tourism services, entertainment, and cultural and creative products.

Source: Ying Hai Group Holdings Company Limited
Related Stocks: