GGRAsia – Macau Legend extends deadline to buy Cambodia land

Macau Legend extends deadline to buy Cambodia land

Dec 27, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck

Hong Kong-listed casino services firm Macau Legend Development Ltd says it has agreed to extend the deadline for acquiring a company owning some Cambodian land that could eventually house a Macau Legend-branded “integrated resort”. The extension runs to mid-2020, stated Macau Legend in a Thursday filing.

In December 2018, Macau Legend announced it had agreed to pay the land seller, Wang Jieman alias Wang Kitman, US$90.01 million for the entire stock of a Cambodian company, Howing Enterprises Co Ltd. The buyer said Howing holds about 1,200 hectares (2,965 acres) of land in the Cambodian province of Siem Reap.

Under the deal announced last year, the transfer of the land and its registration under the new ownership was “conditional upon and subject to the satisfaction of certain conditions” on or before an agreed “long stop date”, i.e., December 28, 2019.

In Thursday’s filing, Macau Legend said the seller required “more time for the fulfilment of certain conditions,” so the two parties agreed on December 26 to “extend the long stop date to 26 June 2020 (or such later date as the parties may agree in writing)”.

“All other terms and conditions of the sale and purchase deed shall remain unchanged,” added the company.

When the deal was announced, Macau Legend – known as an operator of casino venues in Macau and Laos – said the group intended to develop an integrated resort in Siem Reap province. The company’s filings have not mentioned gaming in relation to the Siem Reap resort.

Siem Reap is a popular tourist destination close to the ancient temple complex of Angkor Wat, a UNESCO World Heritage site.

Macau Legend has not given further details of the facilities planned for the Siem Reap scheme.

Some promotional materials – described only as illustrative – on display at a corporate showroom at Macau Fisherman’s Wharf at the time the land deal was announced, referred to the name “Hidden Legend” in relation to the Siem Reap resort. They featured an artist’s impression of a golden-coloured building of up to seven storeys, with two wings to the resort radiating from a central structure, with the latter crowned by six turrets with small cupolas, surrounding one large dome.

Macau Legend runs the Babylon Casino and the Legend Palace Casino in Macau on the strength of the Macau gaming licence held by SJM Holdings Ltd. Macau Legend also operates the Savan Legend Resorts Hotel and Entertainment Complex in Laos, a venue that has been undergoing a revamp.