KUALA LUMPUR: Widetech (Malaysia) Bhd's proposed agreement with Savan Vegas Hotel and Casino Co Ltd (SV) to jointly operate a gaming club in the Riveria Hotel in Khammouane, Laos, has lapsed.

However, Widetech said it may in the future resume discussions with SV to continue with the intended collaboration. Widetech's 75%-owned sub-subsidiary Lao-Malaysia Investments Group (LMIG) had in November last year entered into a gaming club management and revenue-sharing agreement to jointly operate the business.

SV, principally engaged in the casino and gaming business, has been granted the exclusive rights to operate all gaming and gambling activities in Khammouane province.

Pursuant to the agreement, SV was to take all necessary steps to obtain the appropriate licences and approvals for the operation of the club under SV's master licence within 45 days, failing which the agreement would lapse within seven days if no mutual extension was carried out.

Widetech said an extension of the agreement had also lapsed.

The company said in its continuous effort to expand the gaming operations overseas, it was also currently assessing the options available and exploring potential collaboration with other strategic business partners.