Macau Legend Development Ltd, the owner of the Macau Fisherman’s Wharf precinct and operator of satellite casino Legend Palace, has completed the sale of its Laos casino, Savan Legend, as part of a US$45 million deal.
The company confirmed via a Hong Kong Stock Exchange filing that Eminent Innovations Limited, a company that is 51% owned by the purchaser, had met the suitability requirements of the government of Lao PDR, and that Macau Legend’s own MLD Laos unit has obtained the necessary consent from the government for the disposal.
Completion of the disposal therefore took place on Thursday 16 May, with all right and obligations transferred to Eminent Innovations to assume operations of the casino.
“The Group no longer has any interest in the Target Company and the Target Company ceased to be accounted as a subsidiary of the Group,” Macau Legend said.
The disposal comes after the company revealed in June 2023 that it had signed a Letter of Intent with Japanese businessman Shundo Yoshinari in relation to Savan Legend.
Macau Legend said at the time that it was selling its Laos casino because its financial performance had been unstable and had been subject to “increasingly onerous restraints in Lao PDR, thereby limiting its profitability in the future.”
The company has stated its intention to focus its energies onto its Macau assets, having in early 2023 signed a new three-year deal with SJM to continue running the casino at Legend Palace on the Macau peninsula.
RelatedPosts
