• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

China Star expects US$184-mln gain from LKF disposal

Nov 20, 2017 Newsdesk Latest News, Macau, Top of the deck  


China Star expects US$184-mln gain from LKF disposal

China Star Entertainment Ltd, a services provider in the Macau casino market, said in a Friday filing that its net gain on disposal of the Lan Kwai Fong (LKF) casino hotel (pictured) would be more than double a “gain on disposal” figure it had mentioned in an October 17 filing. The firm is selling the property to local businessman Chan Meng Kam.

The firm said the net gain on disposal of the venue would be HKD1.44 billion (US$184.3 million). In the earlier filing it had mentioned an “estimated gain on disposal” of approximately HKD648 million, though had added at the time that the actual figure had been due for assessment after completion of the deal, which it noted was subject to review by auditors.

China Star said in its Friday filing: “The discrepancy is mainly due to the inadvertent mistake in the inclusion of the carrying value of property, plant and equipment of the target group [the group of companies being sold] of approximately HKD653.3 million.”

The company again clarified that the new figure for net gain was “for illustrative purpose only” and was subject to the possibility of change upon audit review.

Friday’s announcement additionally said the circular to confirm the deal was likely to be “on or before November 21”, rather than on or before November 17, as had been previously stated.

The target group – a network of firms linked to China Star Entertainment – is the owner and operator of Hotel Lan Kwai Fong in Macau and is also the owner of 18 residential units in Macau, which were currently being used as staff quarters, the October 17 filing said.

The Lan Kwai Fong property features 209 rooms, a casino, restaurants, shops and a spa. As of the October 17 filing, Casino Lan Kwai Fong operated a total of 84 gaming tables, targeting both the VIP and mass market segments. It also ran a total of 65 slot machines, according to the same filing. Currently the property makes use of the gaming licence of SJM Holdings Ltd, according to information on the local gaming regulator’s website.

Purchaser Mr Chan, a veteran businessman and former Macau legislator, is chairman of privately-held Golden Dragon Co Ltd, which runs three casinos in the city, namely: Casino Golden Dragon and Casino Royal Dragon on Macau peninsula – both via the licence of SJM Holdings; and Casino Taipa Square on Taipa, making use of the casino licence of Melco Resorts and Entertainment Ltd. Casino Royal Dragon opened to the public on September 27.


  • tweet
Related articles
  • Melco likely to take on more debt for expansion: Moody’s
    Melco likely to take on more debt for...

    Jan 20, 2021  

  • SJM flags note offer, outlook negative: rating agencies
    SJM flags note offer, outlook negative:...

    Jan 18, 2021  

More news
  • Macau has 77 junket rooms, 1,566 VIP tables says govt
    Macau has 77 junket rooms, 1,566 VIP...

    Jan 28, 2021  

  • Dec hotel occupancy highest since Jan 2020: Macau govt
    Dec hotel occupancy highest since Jan...

    Jan 28, 2021  


Latest News

Macau has 77 junket rooms, 1,566 VIP tables says govt

Macau has 77 junket rooms, 1,566 VIP tables says govt

Jan 28, 2021  

Macau’s current VIP gambling sector – involving 85 licensed gaming promoters – has “77 gaming rooms” and “1,566 gaming tables”, said the Macau government official with oversight of the...
Read More
Dec hotel occupancy highest since Jan 2020: Macau govt

Dec hotel occupancy highest since Jan 2020: Macau govt

Jan 28, 2021  

Studio City may seek fresh liquidity says research firm

Studio City may seek fresh liquidity says research firm

Jan 28, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

"I believe that when Macau makes a decision, there is going to be a requirement to invest more"

Robert Goldstein

Chairman and chief executive of Las Vegas Sands



Most Popular

  • China said to be expanding blacklist for overseas gamblingChina said to be expanding blacklist for overseas gambling January 27, 2021
  • China diplomats warn nationals not to gamble in CambodiaChina diplomats warn nationals not to gamble in Cambodia January 27, 2021
  • Digital yuan eventually for Macau mass bets mulls BernsteinDigital yuan eventually for Macau mass bets mulls Bernstein January 22, 2021
  • Okada Manila warns against online casino, sale rumoursOkada Manila warns against online casino, sale rumours January 25, 2021
  • Cotai expansion to aid Macau EBITDA to 2019 level: CICCCotai expansion to aid Macau EBITDA to 2019 level: CICC January 26, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us