Macau casino operator sells its stake

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Credits: phillymag.com

Macau Legend Development Ltd has finally set the agreement to sell its stake.

Macau.- Authorities of Macau Legend Development Ltd have confirmed the company has finally reached an agreement to sell its stake of the gaming salon. The local operator was in charge of Landmark Macau hotel and casino, but decided to sell the venue to buyers that “don’t appear to have any background in the casino or junket industry,” as commented by IGamiX Management & Consulting’s Ben Lee.

As revealed by local press, the buyer is “a consortium of four real estate entities, in which Dong Lap Hong Investment Company controls a 58 percent of the stake. Dong Lap Hong is owned by Chong Sio Kin, president of the board of the Macau General Association of Real Estate.” The Macau casino was acquired for US$590 million.

The Legend Palace casino that initially opened its doors in February and was forced to stop operations for a month after the Typhoon Hato that damaged Macau. Legend Palace Hotel had released a notice on its official website last week where it reminded the closure but said that accommodations and casino services were supposed to start on September 18. Macau Legend Development Ltd, the Hong-Kong firm behind Legend Palace said that “all the available tables, including those at the operating VIP facilities that were affected by the typhoon have formally reopened for the public from September 20.” Now the stake was sold by the subsidiary New Macau Landmark Management Ltd.