AKIPRESS.COM - Frontier Capital Group Ltd announced that it has terminated an agreement to acquire the license to operate the Mongolian National Lottery, according to GGR Asia.

Such license would have given the firm the right to establish the first casino in Mongolia.

The Australia-listed firm said it had received notice from the vendor stating that a number of conditions required for completing the acquisition deal for the lottery license in Mongolia would “not be satisfied within the period provided for in the agreement.”

“The agreement provides that the conditions precedent cannot be waived and the company and the vendor have agreed that the agreement be terminated,” Frontier Capital said.

Frontier Capital announced in July the proposed acquisition of the license to operate the Mongolian National Lottery. The firm would acquire the companies that hold the special license to operate the lottery business in Mongolia. Completion of the deal was originally targeted for March 2016, subject to renewal of the license to operate the lottery for a further three years starting this month.

Proposed casino legislation has reportedly been submitted to the Mongolian parliament for review in early 2015 but is said to be still under consideration.