Macau Legend Development Ltd owns the Macau Fisherman’s Wharf precinct. It also operates Legend Place, a satellite casino. It has finalized the sale of its Laos casino, Savan Legend. This is a part of a US$45 million deal.
The company confirmed that Eminent Innovations Limited met the suitability requirements of the government of Lao PDR. This was disclosed through a Hong Kong Stock Exchange filing. The purchaser owns 51% of Eminent Innovations Limited. The Macau Legend’s own MLD Laos unit has gained the necessary government’s consent for the disposal.
Last May 16, Thursday, the completion of the disposal took place. All right and obligations transferred to Eminent Innovations to assume operations of the casino.
Macau Legend stated that The Group no longer has any interest in the Target Company. The Target Company ceased to be accounted for as a subsidiary of the Group.
After the company revealed in June 2023 that it had signed a Letter of Intent with Japanese businessman Shundo Yoshinari in relation to Savan Legend, the disposal comes after.
Macau Legend stated that it was selling its Laos casino at the time due to unstable financial performance. Additionally, it had faced increasingly onerous restraints in Lao PDR, limiting profitability in the future.
The company has stated its intention to focus its energies on its Macau assets. They signed a new three-year deal in early 2023 with SJM. This is to continue running the casino at Legend Palace on the Macau peninsula.