Elay enters Manila junket market

U.S.-based online gaming company Elray Resources Inc. announced Tuesday that it is engaged in the Philippine athletics casino industry through a joint venture with junket operator Qi Xiaolong and officials.

"As a result of the joint venture, we have initiated significant gaming activities at our licensed live dealer casino facility located in Manila," the U.S.-listed company said in a news release. The statement did not say where the facility was located.

The joint venture generated more than $68 million in "gaming revenue (wage)" over 45 days, Ellie added. The company did not provide a definition of the term.

"While Elay accepts only a small percentage of net wins generated within licensed casino facilities, the scale of bets generated in such a short period of time is very encouraging and will now pave the way for Elay to engage more with other junket operators in Asia," company CEO Brian Goodman said in a statement.

Elay's joint venture with Mr Qi was first announced in May. Elay said at the time that the company would "sign a profit-sharing agreement with a VIP room in Macau, under which Elay would receive up to 48% of the profits generated from operating licensed casinos."

The statement added that Mr Qi and his team had already been involved in the revenue streams of "many major high-end VIP gaming facilities in Macau." There was no word on extending the partnership to the Philippines.

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