Sino Cement, Inc., has executed a letter of intent to purchase 70 percent of a Costa Rican company that is in the hotel and casino business.
The Costa Rican firm is Macau Live Gaming, S.A., based in San José, according to a company release by Sino Cement.
Macau Live Gaming provides internet casino services exclusively to non-Americans in Asia, the Pacific Rim, India, Philippines, Australia, Latin America and Europe, said the release. In connection with its business, Macau is negotiating for the acquisition of a resort in Escazú, on five acres of prime suburban property which is intended to be the designated host site of international poker and black jack tournaments. In addition to its restaurant and bar, a spa is located on the premises, serving an international clientele.
The President of Macau, as identified as Jenny Sheleby Sanchez, She said the transaction would create an additional revenue stream. The deal involves the exchange of $6 million in convertible preferred shares of Sino Cement.