China Star Returns to Film Production

Casino service company China Star Entertainment Ltd. said it is reacquiring China Star Movie Ltd., a company primarily engaged in filmmaking. China Star Entertainment manages the casino lan Quai Fong in the Macau Peninsula.

The subsidiary was sold to Dance Star Group in April for HK$4.3 million (W559.576). China Star Entertainment said in a filing with the Hong Kong Stock Exchange on Tuesday that it was paying Dance Star $8.7 million in cash, the net worth of China Star Movie, as of October 7.

Dancestar is a subsidiary of China Star Culture Media Group, which was chaired by Heungwakung, also known as Charles Heung, until Tuesday. He is the chairman of China Star Entertainment, which holds about 32.3% of the company's total outstanding shares.

Chairman Heung's resignation as chairman of China Star Culture was cited as the reason for the deal.

"With Chairman Hung's resignation as executive director of China StarCulture, directors believe it will further benefit China StarCulture Group's interests by relocating and focusing its management and other resources to other business segments," the filing said.

Heung reportedly resigned due to other business commitments that "need more of his commitment."

China Star Entertainment said in August it wanted to focus on gaming in Macau. The Hong Kong-listed company divested several non-gaming subsidiaries, including China Star Movies, from the half-year to June 30. 프라그마틱 슬롯 사이트

Last month, China Star Entertainment's shareholders approved the issuance of new shares to raise cash to invest in Macau's gaming-related business.

The company is stepping up its exposure to Macau's gaming industry through revenue-sharing agreements with VIP junket operators. It is preparing to buy stakes in revenue streams from Eight Elements Entertainment Ltd, a Macau junket operator, and signed loan agreements with three junket operators earlier this year.

But in a statement on Tuesday, the company said the acquisition of China Star Movie would allow the group to "continue to develop its already well-established filmmaking business, along with other major businesses such as hotel and gaming services operations and other gaming-related services businesses in Macau."