Macau Legend completes sale of Laos casino

May 17, 2024 Newsdesk Latest News, Macau, Rest of Asia, Top of the deck  

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Hong Kong-listed Macau Legend Development Ltd has completed the planned disposal of its Laos casino resort, announced the company in a filing on Thursday.

The exercise regarding Savan Legend Resorts (pictured in a file photo) in Savannakhet, Laos, had been pushed back for several times since February, according to previous company filings.

In its Thursday announcement, Macau Legend said that the deal had received all necessary approvals by the government of Laos, allowing the agreement to move forward.

The completion of the disposal took place on May 16, according to Macau Legend. The firm added it no longer held any interest in Savan Legend.

Sale of Savan Legend had been announced in June 2023, with mention of a letter of intent with a would-be buyer, for a total consideration of US$45.0 million. The buyer was identified as an individual called Shundo Yoshinari, described as a “Japanese citizen currently residing in Japan” and someone who was an independent third party.

In a December filing, Macau Legend said that the entire equity interest in Savan Legend was to be sold at what it called an “initial consideration” of US$39 million, as agreed with the suitor Mr Yoshinari. The group said at the time that it expected the gain before tax on the disposal to be approximately HKD47 million (US$6.0 million).

Macau Legend might soon also dispose of its other business asset outside of Macau. It was reported over the weekend that the government in the island nation of Cape Verde was in talks with the firm revert the latter’s concession to develop and operate a casino resort in the West African country.

In Macau, the company owns a tourism complex called Macau Fisherman’s Wharf, a waterfront area close to the Outer Harbour Ferry Terminal on Macau peninsula. The venue features a casino called Legend Palace, promoted by Macau Legend under a so-called services agreement with Macau licensee SJM Holdings Ltd.

Macau Legend had a net loss for 2023 of HKD4.9 million, according to its annual results filed on March 28.

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