Asian gambling investment firm MelcoLot Ltd has ended its Tbilisi (Georgia) casino project plans.
Issuing a short statement leisure operator Melco International Developments (owner of MelcoLot), declared that it had failed to reach terms with land developers Dhabi Group Georgia.
“Although every effort has been made to negotiate on the casino lease terms, the parties are unable to reach an agreement on terms satisfactory to MelcoLot,” stated the Melco announcement.
The cancelation of its project, sees MelcoLot abandon a years’ worth of negotiations with various Tbilisi stakeholders.
Heading into the project, the investment firm which acts on behalf of Asian leisure billionaire Lawrence Ho Yau Lung (Lawrence HO), stated that Melco International was looking to diversify its gambling portfolio in Eastern Europe.
Lawerence Ho’s advisors had scouted the Millennium Bilmore Hotel, as the property in which to attach its construction of a $140 million casino complex.
MelcoLot governance detailed that it was unlikely to re-enter any discussions regarding a casino in Georgia. The firm stated that it would continue to research potential investments in Eastern Europe.