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Macau Legend Development Completes Disposal of Laos Casino Resort After Delays in February

Macau Legend Development Ltd, a distinguished entity listed on the Hong Kong Stock Exchange, has successfully concluded the planned disposal of its esteemed Laos casino resort, as announced through an official filing on Thursday.

Macau Legend’s Laos Casino Resort disposal concluded:

The disposal process concerning Savan Legend Resorts, situated in Savannakhet, Laos, has encountered delays since February, as indicated in previous company filings. These delays, while posing challenges, also provided Macau Legend with ample time to ensure a smooth and well-coordinated disposal process.

In the latest announcement on Thursday, Macau Legend confirmed that the necessary approvals from the government of Laos had been secured, paving the way for the seamless execution of the agreement. This milestone not only signifies the successful completion of the disposal but also underscores Macau Legend’s commitment to adhering to regulatory requirements and securing necessary permissions for its business transactions.

According to Macau Legend, the disposal transaction was finalized on May 16, marking the company’s complete divestment from the Savan Legend property. This strategic move aligns with Macau Legend’s broader business strategy of optimizing its portfolio and focusing on core areas of growth and profitability.

The decision to sell Savan Legend was first disclosed in June 2023, with an initial mention of a letter of intent with a prospective buyer, Shundo Yoshinari, a Japanese citizen residing in Japan and identified as an independent third party. The total consideration for the sale was outlined at US$45.0 million. Subsequent negotiations and discussions led to the finalization of the disposal agreement, with Macau Legend securing a favorable deal that maximized value for its shareholders.

As GGRAsia reports, in a subsequent December filing, Macau Legend elaborated that the entire equity interest in Savan Legend was sold for an initial consideration of US$39 million, in alignment with the agreement reached with Mr. Yoshinari. The company anticipated a pre-tax gain of approximately HKD47 million (US$6.0 million) from the disposal. This financial gain not only bolsters Macau Legend’s balance sheet but also provides additional resources for future strategic investments and initiatives.

Macau Legend’s business landscape:

Beyond the disposal of Savan Legend, Macau Legend is exploring further strategic moves in its business portfolio. Recent reports suggest discussions between the government of Cape Verde and Macau Legend regarding the potential reversion of the latter’s concession to develop and operate a casino resort in the West African nation. While these discussions are ongoing, they reflect Macau Legend’s commitment to evaluating and optimizing its business interests across different geographies and markets.

In Macau, the company boasts ownership of the renowned tourism complex, Macau Fisherman’s Wharf, located in close proximity to the Outer Harbour Ferry Terminal on the Macau peninsula. Notably, the complex houses Legend Palace, a prominent casino operated by Macau Legend under a services agreement with SJM Holdings Ltd, a licensed operator in Macau. This strategic partnership underscores Macau Legend’s position as a key player in Macau’s vibrant gaming and entertainment sector.

Despite the disposal and ongoing strategic initiatives, Macau Legend reported a net loss of HKD4.9 million for the fiscal year 2023, according to its annual results filed on March 28. While this financial performance may raise concerns, it is important to note that strategic disposals such as Savan Legend are part of a broader strategy aimed at long-term growth and sustainability.

 

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