Macau Legend to gain US$ 39 M from Laos casino sale
Friday 22 de December 2023 / 12:00
⏱ 1 min read
(Macau).- Gaming firm Macau Legend Development has confirmed the sale of its Savan Legend casino resort in Laos for US$39 million (MOP313.7 million).
According to a stock filing sent to Hong Kong’s exchange on Thursday, the expected gain before tax from the disposal will be around HKD47 million (US$6 million).
The intention to sell the casino resort in Laos was initially announced by the group in June, as part of its strategic reallocation of resources towards its business operations in Macau.
The property was set to be sold to Shundo Yoshinari, a Japanese citizen with no links to the company, for a price of US$45 million.
However, the consideration has now been revised to US$39 million, with Shundo Yoshinari remaining the purchaser.
Yoshinari will acquire the entire equity interest in MLD Resorts Laos, an indirect wholly-owned subsidiary of Macau Legend, which entirely controls Savan Legend.
Macau Legend said in the announcement that although the gaming and hotel business in Lao PDR was profit-making for the financial year of 2022, its financial performance was unstable.
Additionally, the group highlighted that such businesses were subject to “increasingly onerous restraints in Lao PDR”, which could pose limitations on profitability in the future.
The expected gain from the disposal is likely to strengthen the group’s cash flow, enhancing its liquidity. This, in turn, will enable Macau Legend to reallocate more financial resources towards its core business operations in Macau and overall future development.
Macau Legend operates the Macau Fisherman’s Wharf complex, as well as Legend Palace casino, a satellite casino under SJM’s licence.
Categoría:Casino
Tags: Sin tags
País: Macao
Región: Asia
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