Macau casino services firm Macau Legend Development Ltd has confirmed its chief executive David Chow Kam Fai and one of the group’s wholly-owned units have completed the sale of 100 percent of the equity in the Landmark Macau casino hotel (pictured). That is according to a Friday filing by the parent business to the Hong Kong Stock Exchange.
The deal involved the sale of 100 percent of the equity in an entity called New Macau Landmark Management Ltd, a Macau firm that was an indirect subsidiary of Macau Legend.
On March 29, Macau Legend had announced completion of the transaction would be delayed, as additional time was needed for the company to fulfil the deal conditions.
“The disposal is expected to accrue a gain before tax of approximately HKD3.3 billion [US$420.5 million], which is calculated based on the purchase price, net liabilities value and carrying amount of the sale loan of New Macau Landmark Management as at December 31, 2017,” Macau Legend said in its latest filing.
The document added that the parties had additionally agreed that all income generated by New Macau Landmark Management until April 27 inclusive would belong to the sellers and thereafter belong to the buyers.
In November, Macau Legend had stated in a filing that the consideration involved in the deal was HKD4.6 billion.
A few days after that announcement, the prospective new majority owner of the property under the deal – Macau property investor Chong Sio Kin – told GGRAsia in an interview that he aimed to “enhance the gaming services” at the venue. The on-site casino – Pharaoh’s Palace – uses the licence of Macau casino concessionaire SJM Holdings Ltd.
Macau Legend is the promoter of Macau Fisherman’s Wharf, a waterside entertainment zone near the Outer Harbour Ferry Terminal on Macau peninsula. It launched to the public in 2006. Early on, Fisherman’s Wharf launched the Rocks Hotel – which does not have a casino – and a nearby gaming venue with no hotel called Babylon Casino. Since then, the open-air site has undergone extensive remodelling, including a canopy for part of its main avenue.
Macau Legend has so far completed two out of three new hotels planned for a revamp of Macau Fisherman’s Wharf: the Harbourview Hotel, which opened in February 2015 and does not have a casino; and a casino hotel called Legend Palace, which opened in February 2017.
Landmark Macau is also located on Macau peninsula, and is an approximately 15-minute walk from Macau Fisherman’s Wharf.
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“Amendment to the gaming law is still a work in progress ... We need to wait for further details, in terms of the finer form that the amendments will take, and there will be additional regulatory measures that will be potentially issued thereafter”
Chief operating officer of Sands China