Asia-Pacific Strategic Investments signs agreement for exclusive casino licence in Timor-Leste

The company plans to build a 5-star hotel with a casino.

Timor-Leste.- Asia-Pacific Strategic Investments, a Singapore-based investment holding company, has announced that it has signed two cooperation agreements to acquire an exclusive casino licence and set up a bank in Timor-Leste. The company said it would build a 5-star hotel including a “respectable, high-security, law-abiding casino.”

The company has agreed to develop marketing to promote the venue to international customers. It will also propose strategic plans to promote “seaports, scenery, whale/dolphin/crocodile watching, yachting and scuba diving.”

Asia-Pacific Strategic Investments said it must provide Timor-Leste’s government with a business plan detailing the number of gaming tables, hotel rooms and other amenities as well as tourism and transportation plans within three months of the execution of the agreement. It will be responsible for the operation of the hotel and casino, while the government will ensure regulatory compliance.

The agreement will remain in effect for six months from the date of signing or until a definitive agreement is executed. Either party may terminate with 30 days written notice. Asia-Pacific Strategic Investments plans to raise US$100m through convertible bonds: US$60m for the casino; US$20m for the bank; US$10m to fund business expansion in Timor-Leste, and US$9.8m for working capital. The controlling shareholder Oei Hong Leong will subscribe to the bonds once they are issued.

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The company plans to build a 5-star hotel with a casino. Timor-Leste.- Asia-Pacific Strategic Investments, a Singapore-based investment holding company, has announced that it has signed two cooperation agreements to…

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