Macau Legend confirms sale of Laos casino
The purchaser is a Japanese businessman named Shundo Yoshinari.
Macau.- Macau Legend confirmed it will sell its Savan Legend casino resort in Laos, for an initial consideration of US$39m, subject to adjustment. The group stated in a Thursday filing to the Hong Kong Stock Exchange that it expected the gain before tax on the disposal to be approximately HKD47m (US$6m).
The group in June announced that it would be selling its interest in the Lao gaming operation for US$45m. The buyer is named as Shundo Yoshinari, a Japanese citizen and resident currently unaffiliated with Macau Legend.
The terms of the deal stipulate that Savan Legend must enter into a flat tax agreement with the government. The initial gambling licence is expected to last 99 years, and the transfer of the operating licence should occur prior to the completion of the sale.
Macau Legend said the decision was made due to unstable financial performance and increasing restrictions faced by the gaming and hotel business in Laos. While the operation proved profitable in 2022, the company anticipates limited profitability in the future. It also wants to reallocate financial resources and concentrate on its Macau operations.
It acquired the Savan Vegas property for US$42m, paid out to the Laos government, who had seized the property from its previous operator, Sanum Investments, in 2012 alleging unpaid taxes and penalties.
