• 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

Chow in Macau Legend selldown as Tak Chun CEO gets 21pct

Sep 16, 2020 Newsdesk Latest News, Macau, Top of the deck  


Chow in Macau Legend selldown as Tak Chun CEO gets 21pct

Former Macau legislator David Chow Kam Fai (pictured in a file photo) and former banker Sheldon Trainor have dramatically reduced their shareholdings in casino services and hotel firm Macau Legend Development Ltd, as part of a deal that saw Macau junket boss Levo Chan take a 20.65-percent stake in the business, making him therefore the largest individual shareholder.

Macau Legend runs three casinos in Macau under a so-called services agreement with Macau licensee SJM Holdings Ltd, and has also invested in a Laos casino resort.

A Tuesday declaration regarding the latest shareholder rejig was made after news that an entity controlled by Tak Chun Group chief executive Mr Chan had made the 20.65-percent acquisition for a cash consideration of about US$173 million.

The update said that Mr Chow – and an entity called All Landmark Properties Ltd – had sold a 20 percent stake of slightly more than 1.24 billion shares, for just over HKD1.30 billion (US$168 million).

They went to Perfect Achiever Group Ltd, a British Virgin Islands firm wholly-owned by Mr Chan. The selling price was HKD1.05 per share.

After the transaction, effected on Friday according to the notice, Mr Chow – co-chairman and an executive director of Macau Legend – retains a stake of only 9.89 percent, according to Tuesday’s notice. That included interests controlled by his wife, Macau Legend’s chief executive Melinda Chan Mei Yi.

Another notice, lodged also with the Hong Kong bourse on Tuesday, said Mr Trainor, himself a Macau Legend executive director, had on Friday sold a 0.65-percent stake in the business, to interests controlled by the Tak Chun boss, leaving Mr Trainor with a 0.73 percent holding.

A firm ultimately controlled by Mr Trainor sold 40 million shares at HKD1.05 a piece, for a cash consideration of HKD42 million, or about US$5.4 million.

The sale was to Mr Chan’s entity, Perfect Achiever Group, by PacBridge Capital Partners (HK) Ltd. The latter, a Hong Kong vehicle, is controlled by a Cayman Islands firm that is wholly owned by Mr Trainor.

GGRAsia reported last month – quoting industry insiders – that some of the city’s junket firms had shown interest in acquiring Macau Legend’s gaming and tourism complex Macau Fisherman’s Wharf, a waterfront area located close to the Outer Harbour Ferry Terminal in Macau peninsula.


  • tweet
Related articles
  • Macau Legend aims at licensee status: Melinda Chan
    Macau Legend aims at licensee status:...

    Feb 22, 2021  

  • Tak Chun says launching new Londoner Macao VIP club
    Tak Chun says launching new Londoner...

    Feb 05, 2021  

More news
  • Aristocrat to launch EGM-based responsible gaming features
    Aristocrat to launch EGM-based...

    Feb 26, 2021  

  • Suncity to open clubs at Londoner Macao, Lisboa Palace
    Suncity to open clubs at Londoner...

    Feb 26, 2021  


Latest News

Aristocrat to launch EGM-based responsible gaming features

Aristocrat to launch EGM-based responsible gaming features

Feb 26, 2021  

Casino slot machine maker and digital games provider Aristocrat Leisure Ltd says it plans to launch in the first quarter this year a new product with responsible gaming features, which has already...
Read More
Suncity to open clubs at Londoner Macao, Lisboa Palace

Suncity to open clubs at Londoner Macao, Lisboa Palace

Feb 26, 2021  

Tech supplier Crane ups forecast for 2021 core sales

Tech supplier Crane ups forecast for 2021 core sales

Feb 26, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day


US$53.4 million

Adjusted EBITDA reported by Asian casino operator Melco Resorts and Entertainment for the fourth quarter of 2020



Most Popular

  • Macau casino GGR soared in final days of CNY: brokeragesMacau casino GGR soared in final days of CNY: brokerages February 23, 2021
  • Pansy Ho sells off more stock in MGM Resorts for US$36mlnPansy Ho sells off more stock in MGM Resorts for US$36mln February 23, 2021
  • Macau removes last mainland cities from its quarantine listMacau removes last mainland cities from its quarantine list February 23, 2021
  • Macau VIP challenged by changes in China: Galaxy Ent bossMacau VIP challenged by changes in China: Galaxy Ent boss February 25, 2021
  • Galaxy Macau Phase 3 MICE to launch in stages says execGalaxy Macau Phase 3 MICE to launch in stages says exec February 24, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us