New Profit Sharing Participation Model Provides Recurring Revenue From Leading Gaming Operators in SE Asia
MACAU, Sept. 24 /Xinhua-PRNewswire/ -- PacificNet, Inc. (Nasdaq: PACT), a leading provider of gaming and mobile game technology, e-commerce, and Customer Relationship Management (CRM) in China, announced today that its PacificNet Games ( http://www.PactGames.com ) subsidiary has entered into a recurring revenue share agreement with a leading gaming operator in Cambodia to place its gaming products in various locations in the Cambodian gaming market. Terms call for 150 machines (or betting stations) to be deployed in 2007 with an additional 500-2000 machines in 2008, to be placed on a participation basis, and will include the full range of PactGames products including Abaco and Evona Roulette, CyberCash Slot Machines, EGT Slot Machines, Virgin and eTable Baccarat, AutoTable roulette and the Advansys Casino Management System.
PactGames develops gaming systems, software and hardware platforms for the land-based and online gambling industry, primarily targeting the fast growing Asian gaming market. PacificNet Games’ latest iGaming products are targeted at the large number of land-based operators making their online debut. PactGames gaming applications -- online virtual casino, virtual baccarat, sicbo, fish-prawn-crab, card games, poker, bingo, mobile gaming, live gaming, land-based kiosk networks, slot, RNG and fixed-odds games, with a powerful management interface allows the operators to effectively manage games and user accounts. PacificNet has over 1200 personnel in Asia, with 300 engineers engaged in research and development of current and future gaming technologies for land-based and online operators.
The agreement calls for games to be placed on a participation basis in the Cambodian cities of PoiPet (9 casinos currently), then Phnom Penh (60 private club casinos) and Bavet (6 hotel casinos) with further expansion into Vietnam, Laos and Myanmar in 2008. A recurring service and leasing contract will give PacificNet Games a 25% take of the net daily win per machine.
"We are very pleased to enter the Cambodian market which we feel has much potential in terms of returns," said Victor Tong, President of PacificNet. "We believe a revenue sharing model is a win-win for both ourselves and our casino partners as our games are some of the best performing games targeted at Asian gamers. We believe Cambodia and many South East Asian countries have great potential for growth in gaming over the next few years. As such, this is one more step in our overall goal of becoming a leading provider of Asian gaming products."
Gaming in Cambodia has been legal for less than a decade. Since legalization, gaming has soared in popularity with casino projects planned and under construction in many parts of the country. The towering $100 million Malaysian-owned Naga World casino resort, one of the tallest buildings in Phnom Penh, already dominates that city’s waterfront. The sharp rise in gaming attracts locals as well as many from Thailand, Vietnam, Korea, Japan and China.
PacificNet Games multi-player gaming machines are widely accepted in some of the most popular casinos in Macau, including SJM, Casino Lisboa, Galaxy Casino, Holiday Inn Macau, Greek Mythology, and Jai-Alai Casino, as well as in the Philippines.
About PacificNet
PacificNet, Inc. ( http://www.PacificNet.com ) is a leading provider of gaming and mobile game technology, e-commerce, and Customer Relationship Management (CRM) in China. PacificNet’s gaming products are specially designed for Chinese and Asian gamers with focus on integrating localized Chinese and Asian themes and content, advanced graphics, digital sound effects and popular domestic music, with secondary bonus games and jackpots. PacificNet gaming products include: Multi-player Electronic Table Games -- Baccarat, Sicbo, Fish-Prawn-Crab, and Roulette machines, Server-Based Games (SBG) with multiple client betting stations, slot and bingo machines, Video Lottery Terminals (VLTs), Amusement With Prizes (AWP) machines, gaming cabinet and client/server system designs, online i-gaming software design, and multimedia entertainment kiosks. PacificNet’s gaming clients include the leading hotels, casinos, and gaming operators in Macau, Asia, and Europe, while ecommerce and CRM clients include the leading telecom companies, banks, insurance, travel, marketing and business services companies and telecom consumers in Greater China such as China Telecom, China Mobile, Unicom, PCCW, Hutchison Telecom, Bell24, Motorola, Nokia, SONY, TCL, Huawei, American Express, Citibank, HSBC, Bank of China, Bank of East Asia, DBS, TNT, China and Hong Kong government. PacificNet employs about 1,200 staff in its various subsidiaries throughout China with offices in Hong Kong, Beijing, Shanghai, Shenzhen, Guangzhou, Macau and Zhuhai China, USA, and the Philippines.
Safe Harbor Statement
This Company’s announcement contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the SEC on Forms 10-K, 10-Q, 8-K, etc., in our annual report to shareholders, in our proxy statements, in press releases and other written materials and in oral statements made by our officers, directors or employees to third parties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, PacificNet’s historical and possible future losses, limited operating history, uncertain regulatory landscape in China, and fluctuations in quarterly and annual operating results. Further information regarding these and other risks is included in PacificNet’s Form 10K and other filings with the SEC.
For more information, please contact:
PacificNet USA office:
Jacob Lakhany
Tel: +1-605-229-6678
PacificNet Beijing office:
Ada Yu
Tel: +86-10-5922-5000
23rd Floor, Building A, TimeCourt, No.6 Shuguang Xili,
Chaoyang District, Beijing, China 100028
PacificNet Shenzhen Office:
Tel: +86-10-3322-2088
Room 4203, JinZhongHuan Business Center,
Futian District, Shenzhen, China 518040
PacificNet Macau office:
Tel: +853-2870-4154
Unit A-C, 12th Floor, Edificio Commercial I Tak,
No. 126, Rua Da Pequim, Macau, China.
