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Summary:
- Macau Legend puts Savan Legend Casino in Laos up for sale
- The estimated asking price for Savan Legend Casino is $45 million
- Macau Legend says decision to sell was made due to unstable revenues
It’s not every day that a multi-million dollar casino comes up for sale in Asia.
Macau Legend has reported based on a filing with the Hong Kong Stock Exchange (HKSE) that it has decided to sell its Savan Legend Casino property in Laos.
Savan Legend Casino Will Be Sold For $45 Million
Macau Legend Development Ltd has announced that it has signed a letter of intent to sell its Savan Legend Casino property for an estimated $45 million. Savan Legend Casino is located in Savannakhet, Laos and wasn’t doing too well financially on a consistent basis.
Shundo Yoshinari and an independent third party are listed as the purchasers of Savan Legend Casino. Yoshinari was listed as a Japanese citizen who currently lives in Japan. The sale involves the disposing of MLD Resorts Laos Ltd, a subsidiary that is owned fully by Macau Legend. MLD Resorts Laos Ltd has fully control of Savan Legend Resorts Sole Co Ltd, which is incorporated in Laos and operates Savan Legend Casino.
Macau Legend released a statement and said that while the Savan Legend property did end up making a profit for the 2022 fiscal, its overall financial performance on a consistent basis was not very stable. Taking this into consideration and the new restraints that Laos is intending to impose on the industry, the decision was made to sell Savan Legend Casino.
Sale Money Will Be Used To Fund Macau Casinos
Macau Legend has said that the two parties will enter into an official sale agreement after a 14 day period during which due diligence will be completed by both sides regarding the potential sale. The purchaser is expected to complete the financial transaction in phases with an initial $10 million being put down as a deposit.
The formal agreement is expected to be signed by the middle of August and another $12.5 million will be paid. The remaining $22.5 million will be paid when the official agreement is closed.
Macau Legend says that it will use the proceeds from the sale to fund its operations in Macau. The company owns the Macau Fisherman’s Wharf complex which is home to the Legend Palace casino.
