-- Company to present its gaming technology business overview at the Roth Capital Partners Annual Conference today, February 20, 2007 at 11:30 am PST (Track 7 - China Track) at the Ritz Carlton in Laguna Niguel, CA.
BEIJING, Feb. 20 /Xinhua-PRNewswire/ -- PacificNet Inc. (Nasdaq: PACT), a leading provider of Customer Relationship Management (CRM), mobile Internet, e-commerce and gaming technology in China, reported today that its PacificNet Games Limited (PacGames) subsidiary has been selected by Galaxy Waldo Casino, a leading casino in Macau, to provide multi-player electronic gaming machines (EGM). Terms of the agreement were not disclosed.
(Logo: http://www.prnasia.com/sa/200611281258.jpg )
Located at Avenida de Amizade near Sands Casino, Macau, Galaxy Waldo Casino is one of the best-known casinos in Macau, People's Republic of China. Galaxy Waldo Hotel Casino Macau is open 24 hours a day and consists of 161 hotel rooms and suites and features a gaming facility with about 100 slot machines, 63 table games and 8 VIP rooms. The Galaxy Waldo Casino operates under Macau's gaming concessions granted under Galaxy Casino, which is a leading gaming concessionaire in Macau controlled by Dr. Lui Chi Woo's listed company Galaxy Entertainment Group Limited (Hong Kong Stock Exchange: 0027.HK). The Galaxy Casino is one of the top gaming concessionaires in Macau which operates 5 casinos, currently including Galaxy Waldo, Galaxy Rio - Golden Palace, Galaxy President, Galaxy Grand Waldo, Galaxy StarWorld, and Galaxy Mega Resort (in construction) which is scheduled to open in early 2008.
Previously, PacGames was selected by Casino Lisboa, one of Macau's leading casinos, to provide 120 multi-player Electronic Gaming Machines (EGM), as well as by Macau's Holiday Inn Casino and Jai Alai Casino to provide multi-player electronic gaming machines. PacificNet Inc. owns 51% of PacGames and has a preemptive right to maintain the 51% ownership in case of any dilution due to exercise of options or warrants by new investors.
"Galaxy Casino is one of the top three gaming license holders in Macau and we are delighted to provide our gaming products to such a famous casino in Macau. The selection of PacificNet Game's electronic gaming machines by Galaxy Casino marks another huge win for PacGames and further enhances PacificNet's strong position in Macau's gaming market," said Tony Tong, Chairman and CEO of PacificNet. "With our new focus on the rapidly growing gaming market in greater China, Macau, and Asia, we will continue to pursue becoming a leading provider of electronic gaming machines, slot machines and bingo machines to the casino operators and gaming industry in Asia. We believe that we have the right gaming products, software and hardware expertise, research and development center with CMM Level 3 certification, local service staff, the right channels and partnerships, and the experience that is necessary to succeed in this market."
"As Macau's gaming market undergoes growing competition, casino operators in Macau have to quickly adapt to the latest demands and trends by installing the most popular and profitable gaming machines catered to the Asian gamers. PacGames multi-player Electronic Gaming Machines have quickly proven to be one of the best performing gaming machines designed for the Asian players," said Victor Tong, President of PacificNet. "Macau has become the fastest growing part of China and we are very excited to be moving forward in our pursuit of the Macau gaming technology business. We believe the Asian gaming market has huge growth potential and that we are well positioned to win more hotel-casino clients in order to capture a growing market share as a leading gaming technology provider in the region."
According to recent statistics provided by the Macau government, Macau is the fastest-growing gaming market in the world and has just surpassed Las Vegas as the largest gaming market in the world at the end of 2006 as Macau's gaming revenue reached US$7 billion. Macao's casinos offer the largest variety of casino games anywhere in the world, combining both established western favorites with popular eastern games such as Blackjack, Baccarat, Pai Kao, Roulette, Boulette, Boule, "Big and small" Fan Tan and Pacapio. A vast assortment of slot machines and a growing number of electronic table games are also available, often computer-linked for progressive jackpot payouts. The number of hotel-casinos in operation and in development in Macau continues to grow, including well-known Chinese names such as Galaxy and Melco and famous Las Vegas names such as the Sands, the Venetian, and the newly opened Wynn Resort. With the disposable income of the average Chinese on the rise, Macau's gaming and entertainment market is expected to grow for years to come. Macau is the only area in China where gambling is legal.
PacificNet Games Limited (PacGames), will be presenting its latest Multiplayer Electronic Gaming Machines (EGM), Slot Machines and other gaming technology products at the 6th International Gaming & Entertainment Expo (Gaming 2007) in Macau, China, March 14-16 (www.gaming-exhibition.com), at the Macau Tower Convention & Entertainment Centre.
PacificNet Games Limited (PacGames), will be presenting and exhibiting its latest Multiplayer Electronic Gaming Machines (EGM), Slot Machines and other gaming technology products at the GEM Gaming & Entertainment Plus Leisure Expo 2007 in Manila, Philippines, March 21-23 (www.AsianGemPhil.com), at the World Trade Center, Booth P52, March 21-23, 2007. The Expo is sponsored by the Asian Gem & Tourism Foundation, Inc. and presented by the PAGCOR Casino Filipino. In addition to its exhibition booth, PacificNet Games is scheduled to present its Macau success story of its high-return multi-player gaming machines at the "Gaming & Investment Conference" at the Hyatt Hotel & Casino Manila on March 21.
Victor Tong, President, and Jacob Lakhany, Director of Investor Relations, will present an overview of the company's business at the Roth Capital Partners 19th Annual Orange County Conference on Tuesday, February 20, 2007 at 11:30 am PST (Track 7 - China Track) at the Ritz Carlton in Laguna Niguel, CA. For more info on the conference, please see www.rothconference.com.
About Galaxy Entertainment Group and Galaxy Waldo Casino (www.GalaxyEntertainment.com)
Galaxy Entertainment Group Limited (listed in Hong Kong Stock Exchange: 0027.HK), through its subsidiary, Galaxy Casino, S.A., is a Macau company which is one of only three license holders authorized to carry on gaming business in Macau, which is the only legal gaming location in China. Galaxy has plans to invest approximately HK$7.8 billion (US$1 billion) in Macau by the year 2008. Galaxy currently operates five casinos in Macau including Waldo Casino, Rio Casino, President Casino, Grand Waldo Casino, and Galaxy StarWorld Hotel & Casino, which is Galaxy's flagship hotel and casino in Macau until the Galaxy Mega Resort opens in Cotai in early 2008. By that time, the number of Galaxy casino tables in Macau will be increased from about 400 to nearly 700.
Galaxy Waldo Casino has been entertaining VIP players from all over Asia since July 2004. Visitors will find the casino, located on one of Macau's main pathways, only a short drive or walk from the Macau Ferry Terminal & Heliport. With 43 tables in 16 semi-private VIP rooms dedicated to baccarat, Waldo Casino is the ideal choice for baccarat enthusiasts looking for a compelling game. Tables featuring baccarat, blackjack, Caribbean Stud, sic bo and roulette, along with over 75 slot machines, are also available on the main gaming floor and loft. Accommodations at the Waldo Hotel include nearly 160 rooms, plus 2 deluxe Presidential suites.
About PacificNet
PacificNet Inc. (http://www.PacificNet.com) is a leading provider of Customer Relationship Management (CRM), mobile Internet, e-commerce and gaming technology in China. PacificNet's clients include the leading telecom companies, banks, insurance, travel, marketing and business services companies and telecom consumers in Greater China. PacificNet's corporate clients include 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, Hong Kong Government, and leading hotel- casinos in Macau and Asia. PacificNet employs over 1,400 staff in its various subsidiaries throughout China with offices in Hong Kong, Beijing, Shenzhen, Guangzhou, Macau, and branch offices in 28 provinces in China and is headquartered in Beijing and Hong Kong.
PacificNet Games Limited (PacGames), is a leading provider of Asian multi- player electronic gaming machines, gaming technology solutions, gaming related maintenance, IT and distribution services for the leading hotel, casino and slot hall operators based in Macau, China and other Asian gaming markets. PacGames is a leading developer of electronic versions of popular table games, which are less expensive to run, resulting in higher casino profits with great appeal to the mass market players. The growing market in Macau is for Asian table games such as Baccarat, Roulette, Fan Tan, Fish-Prawn-Crab and Sic-Bo Cussec as these games have wider acceptance in the Asian market than Western games such as poker or slots. The development, manufacturing, maintenance, and service of electronic Asian table games are underserved areas which are predicted to grow considerably as Macau's gaming market matures. PacGames products include multi-player electronic gaming machines such as Baccarat, Fish-Prawn-Crab, Sib-Bo Cussec, Roulette, and Video Lottery Terminals (VLT) such as Keno and Bingo machines, as well as other traditional slot machines.
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.
Contact:
PacificNet USA office:
Jacob Lakhany, Tel: +1-605-229-6678
PacificNet Beijing office:
Ada Yu, Tel: +86 (10) 59225000
23rd Floor, Building A, TimeCourt, No.6 Shuguang Xili, Chaoyang District,
Beijing, China 100028
PacificNet Shenzhen Office:
Tel:+86 (10) 33222088
Room 4203, JinZhongHuan Business Center, Futian District, Shenzhen,
China 518040
