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Macau legend completes sale of casino in Laos

Hong Kong-listed Macau Legend Development Inc has completed a planned disposal of its Lao casino resort, the company said in a filing on Thursday.

According to previous company data, training related to the Saban Legend Resort (file photo) in Savanaket, Laos, has been postponed several times since February.

In an announcement on Thursday, Macau Legends said it had received all necessary approvals from the Lao government, allowing the agreement to move forward.

The completion of the disposal took place on May 16, according to Macau Legends. The company added that it no longer had an interest in Saban Legends.

The sale of Saban Legends was announced in June 2023, in which a letter of intent with a prospective buyer was mentioned and a total of $45 million was considered. The acquirer was identified as "Japanese currently residing in Japan" and an individual named Yoshinari Shundo, who is described as an independent third party.

In a December filing, Macau Legends said it would sell its entire stake in Saban Legends at an "initial consideration" of US$39 million, as agreed with suitor Mr Yoshinari. The group said at the time it expected a pre-tax profit on the disposal to be around HK$47 million (US$6 million).

Macau Legend may soon divest itself of other business assets outside of Macau. Last weekend, the island nation's Cape Verde government was reportedly in negotiations to reverse the latter's concession to develop and operate casino resorts in the West African country.

In Macau, the company owns a tourist complex called Macao Fisher's Wharf, a waterfront area close to the Outer Harbour Ferry Terminal on the Macau Peninsula. The site features a casino called Legend Palace, which Macao Legend is promoting under a so-called service agreement with Macao Licensed SJM Holdings Ltd.

Macao Legend posted a net loss of HK$4.9 million in 2023, according to its full-year results filed on March 28.

BY: 온라인경마사이트

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