Macau Legend extends Laos casino sale deadline
No reason was given for the latest delay.
Macau.- Macau Legend has announced an extension to the deadline for the planned sale of its casino resort business in Laos, Savan Legend, pushing it back to April 15. The decision comes after previous delays, with the exercise initially set for resolution in February and later postponed to March 31. The latest extension was revealed in a filing but the reasons were not disclosed.
The sale of Savan Legend was first announced last June, with Shundo Yoshinari, a Japanese citizen residing in Japan, identified as the prospective buyer. In a filing dated December 21, 2023, Macau Legend disclosed that the entire equity interest in Savan Legend was to be sold for an initial consideration of US$39m. However, certain conditions needed to be met for the transaction to proceed, including consent from the Laos government and providision of a tax clearance certificate confirming the settlement of outstanding tax liabilities.
Macau Legend posts revenue of US$115m for full-year 2023
Macau Legend reported that full-year revenue for 2023 was up 26.7 per cent when compared to the previous year at 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.
Costs stood at HK$741.4m (US$ 91m), down 29.2 per cent from the prior year. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) reached HK$185.9m (US$24m) in 2023. Revenue for gaming services declined by 5.0 per cent year-on-year, to approximately HK$493.1m (US$ 55m).
