Macau Legend extends Laos casino sale deadline again

Macau Legend has extended the deadline to May 3.

Macau.- Casino operator Macau Legend has again extended the deadline for the sale of its casino resort in Laos. Initially set for February, the deadline was first extended to March 31 and later to April 15. It is now May 3.

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 the provision of a tax clearance certificate.

The company expects a gain before tax of approximately HK$47m (US$6.0m) from the disposal.

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.