Macau casino operator Macau Legend Development Ltd says it has entered into a sale and purchase agreement with the family of its co-Chairman David Chow to sell one of its private jets.
The purchaser is an entity called Arcwealth Global Investment and Management Limited, which is 10% owned by Macau Legend executive director and former Legislative Assembly member Melinda Chan and 90% by Donald Chow, the son of Chan and David Chow.
The sale price is listed as HK$10 million (US$1.3 million), adjusted from a valuation of HK$31 million for the same aircraft when new and in perfect condition.
“In light of the Coronavirus disease 2019 pandemic which makes outbound travel difficult and less frequent, the Company considers that the disposal will lower the non-operating expenses incurred to the Group while the sales proceeds arising from the disposal can be used to improve the liquidity of the Group,” Macau Legend said in a filing.
Macau Legend operates casinos as Legend Palace, Babylon and Landmark under license from SJM, as well as a casino in Laos. It is also in the process of upgrading the Macau Fisherman’s Wharf precinct on the Macau peninsula.
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