Macau Legend completes sale of Savan Legend resort in Laos
Macau Legend has finalised a sale to Shundo Yoshinar.
Macau.- Macau Legend Development has finalised the sale of its Savan Legend Resorts casino in Savannakhet, Laos, according to a filing today (May 16). The sale had faced several delays but received the necessary approvals from the government of Laos.
The buyer, Shundo Yoshinari, is a Japanese citizen residing in Japan and an independent third party. In a December 2023 filing, Macau Legend said the entire equity interest in Savan Legend was to be sold for an initial consideration of US$39m. The company previously said it expects a gain before tax of approximately HK$47m (US$6.0m) from the disposal.
There are indications that Macau Legend might soon dispose of another business asset outside of Macau. Cape Verde’s government has said it is in negotiations with Macau Legend regarding the reversion of the gaming concession for the stalled Djeu na Gamboa casino project.
For full-year 2023, Macau Legend reported revenue was up 26.7 per cent year-on-year to nearly HK$901.6m (US$115m). The casino operator posted a net loss of HK$4.9m (US$628,497), an improvement on the HK$607.2m (US$ 78m) loss recorded in the prior year.
