Macau Legend Announces Sale of Savan Legend Casino in Laos

Macau Legend Development Ltd confirmed its decision to sell the Savan Legend Casino property in Laos in a recent filing with the Hong Kong Stock Exchange (HKSE). The corporation has agreed to sell the land for an estimated $45 million in a letter of intent. The Savan Legend Casino in Savannakhet, Laos, has suffered financial difficulties over the years, causing Macau Legend to decide to divest.

Shundo Yoshinari and an unnamed third party purchased the Savan Legend Casino. One of the buyers has been identified as Yoshinari, a Japanese citizen living in Japan. The transaction includes the sale of MLD Resorts Laos Ltd, a wholly owned subsidiary of Macau Legend. MLD Resorts Laos Ltd has exclusive control over Savan Legend Resorts Sole Co Ltd, the Laos-incorporated corporation in charge of running the Savan Legend Casino.

According to Macau Legend, while the Savan Legend property generated profits during the fiscal year 2022, its overall financial performance has been erratic. Given these considerations, as well as the projected industry rules in Laos, the decision was reached to sell the Savan Legend Casino.

The selling deal will be finalized following a 14-day due diligence procedure for both parties. The buyer is anticipated to complete the financial deal in stages, beginning with a $10 million deposit. The final deal is expected to be inked by the middle of August, with an extra $12.5 million paid at that time. The remaining $22.5 million will be paid after the official agreement is signed.

Macau Legend aims to use the sale profits to fund its Macau activities. The corporation owns the Macau Fisherman’s Wharf complex, which contains the world-famous Legend Palace casino.

Macau Legend’s strategic move underscores the company’s aim on optimizing operations and aligning investments with market trends. The company intends to boost its position in the extremely competitive Macau casino market by divesting the Savan Legend Casino and transferring the funds to its flagship assets in Macau.

The post Macau Legend Announces Sale of Savan Legend Casino in Laos appeared first on iGaming.org.