• 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

Further delay in Savan Vegas deal: Macau Legend

Jun 30, 2016 Newsdesk Latest News, Rest of Asia, Top of the deck  


Further delay in Savan Vegas deal: Macau Legend

Casino services firm Macau Legend Development Ltd says there has been a “further delay” in the dispatch of a circular to confirm a major transaction in relation to the Savan Vegas Hotel and Entertainment Complex in Laos in Southeast Asia.

“Additional time is required to finalise the information in the circular, including the financial information and the valuation report of the Savan Vegas Hotel and Entertainment Complex,” Macau Legend said in a filing on Thursday to the Hong Kong Stock Exchange. The firm said it now expects to dispatch the circular no later than July 31.

In May Macau Legend, led by former Macau legislator David Chow Kam Fai, said it had reached an agreement with the Lao government to pay US$42 million for the right to operate the casino hotel in Laos. The deal also includes the right to a 50-year monopoly on casino operations in three Lao provinces including the one where the resort is located.

Macau Legend said in its May announcement that Savan Vegas is on a 50-hectare (124-acre) plot and that its casino had 92 tables and 493 slot machines. The resort is also said to have a 476-room hotel and a convention centre, restaurants, bars and shops.

The week prior to Macau Legend’s May 13 announcement of its planned acquisition, Lao Holdings NV, the parent company of a firm called Sanum Investments Ltd, said it had filed three legal actions alleging violations of a 2014 agreement with the government of Laos.

The Lao government in 2012 seized the resort operation – claiming that Sanum Investments owed US$23 million in back taxes and penalties – and appointed an interim management with a view to disposal of the property to other investors.


  • tweet
Related articles
  • Tak Chun CEO ups to 33pct of Macau Legend, joins board
    Tak Chun CEO ups to 33pct of Macau...

    Nov 25, 2020  

  • Macau Legend shifts to Aug Laos expansion opening: exec
    Macau Legend shifts to Aug Laos...

    May 19, 2020  

More news
  • Digital yuan eventually for Macau mass bets mulls Bernstein
    Digital yuan eventually for Macau mass...

    Jan 22, 2021  

  • Macau Covid-19 case no bar to mainland travel ties
    Macau Covid-19 case no bar to mainland...

    Jan 22, 2021  


Latest News

Digital yuan eventually for Macau mass bets mulls Bernstein

Digital yuan eventually for Macau mass bets mulls Bernstein

Jan 22, 2021  

Were China’s central government-backed digital yuan (CNY) to be adopted in Macau for casino chip transactions, it could in the long run benefit mass and premium-mass play, as cross-border money...
Read More
Macau Covid-19 case no bar to mainland travel ties

Macau Covid-19 case no bar to mainland travel ties

Jan 22, 2021  

Mohegan seeks govt nod to delay Inspire opening

Mohegan seeks govt nod to delay Inspire opening

Jan 22, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

"The entire company is eagerly anticipating the launch of our newest themed destination – The Londoner Macao"

Wilfred Wong Ying Wai

President of Macau-based casino operator Sands China



Most Popular

  • Sands China sixth Macau op to pledge staff extra paymentSands China sixth Macau op to pledge staff extra payment January 21, 2021
  • Londoner Macao first phase launch Feb 8 says Sands ChinaLondoner Macao first phase launch Feb 8 says Sands China January 21, 2021
  • Wynn and Melco also flag bonus for Macau staffWynn and Melco also flag bonus for Macau staff January 19, 2021
  • Investors see 2H Macau gain, rebound 2022: BernsteinInvestors see 2H Macau gain, rebound 2022: Bernstein January 19, 2021
  • Melco likely to take on more debt for expansion: Moody’sMelco likely to take on more debt for expansion: Moody’s January 20, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us