The ESRB rated the game and lists D4 Enterprise, distributor of downloadable NeoGeo roms, as the publisher. Magical Drop III is also in their database, which warns parents about excessive jiggling.
This is a puzzle game in which players align multicolored orbs into matching groups of three. Each puzzle board contains characters in the background that cheer players on as they complete successful combos. Some female characters are dressed in revealing outfits (e.g., leather outfits with whips, tube tops, draped cloth) that expose portions of their buttocks or cleavage. When players score points or make successful combos, the background figures cheer or move in ways that cause their breasts to jiggle.
Since D4 Enterprise is marked as the publisher for Magical Drop III too expect to get the NeoGeo version on Virtual Console.