slotsitein498   Album Posted Oct.7th, 2023, viewed 31 times

China Star Entertainment completes Macau casino sale

In Macau, hotel and gaming operator China Star Entertainment Limited reportedly sold its entire stake in Hotel Lan Kwai Fong to local businessman Chan Mengkam for a total of $256.2 million.

The 209-room hotel Lan Kwai Fong features a variety of shops, along with spas, restaurants and casinos, and offers approximately 65 slots and 84 gaming tables operated under a gaming license held by SJM Holdings Limited.

The sale was first reportedly announced in October after Chan made an initial non-refundable payment for a downtown property worth about $25.5 million, following the remainder of the purchase received by China Star Entertainment Limited on Wednesday.

"The Board is pleased to announce that completion has been made," said a statement from Hong Kong-listed China Star Entertainment Limited, adding that "the remaining balance of the sale, amounting to $230.7 million, has been paid in full in cash."

Casino Lan Kwai Fong inside the hotel represented China Star Entertainment Limited's sole gaming interest, and the company explained that the sale would reportedly lead to a net profit of about $184.1 million.

Chan is reportedly a former member of parliament in Macau and currently serves as the president of privately owned Golden Dragon Company Limited, which was already in charge of three casinos in its former Portuguese residence, including the gaming facility of Hotel Golden Dragon. In addition, his company further utilized the license of Melco Resorts and Entertainment Limited to open nearby Casino Royal Dragon in late September under a deal with SJM Holdings Limited while operating casinos within the city's Hotel Taipa Square.

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