Ivanhoe Pictures, which produced “Crazy Rich Asians,” has partnered with Jeffrey Sharp and Sharp Independent Pictures to finance and co-produce “The Baccarat Queen” about Chinese gambler Cheung Yin “Kelly” Sun.

The project is inspired by Michael Kaplan’s article “The Baccarat Machine,” published in Cigar Aficionado, about Sun amassing millions of dollars of winnings by teaming with “King of Poker” Phil Ivey and using a technique known as edge sorting — recognizing the use of playing cards in which the edges on either side are unevenly cut by fractions of an inch.

Ivanhoe plans to develop a predominately English-language film featuring Asian characters. Ivanhoe and Sharp will produce.

“‘The Baccarat Queen’ is a truly captivating story that will feature a diverse international cast, a goal that Ivanhoe continues to pursue as global storytellers,” Ivanhoe Pictures president John Penotti said. “We are thrilled to partner with Sharp as we tell this exciting,...