Levo Chan will join the board after becoming the largest single shareholder in the casino and hotel operator.<\/p>\n\n\n\n\n\n\n\n
Macau.- Tak Chun Group, a gambling junket based in Macau, has announced its CEO, Levo Chan, will join the board of Macau Legend in order to continue a compulsory offer for 29.2 per cent of its shares, a requirement set by Hong Kong\u2019s takeovers code.\u00a0<\/p>\n\n\n\n
The mandatory unconditional cash offer followed Tak Chun’s acquisition of a\u00a020.65-per cent stake\u00a0in Macau Legend, which has made Mr. Chan the largest single shareholder.<\/p>\n\n\n\n
According to a statement, Mr Chan and parties linked to him do not plan to\u00a0introduce any \u201cmajor changes\u201d to the existing operation of Macau Legend.<\/p>\n\n\n\n
His intentions are to\u00a0review Macau Legend\u2019s operations and financial position following the close of the compulsory offer. The statement says that acquisitions or disposals of assets might be considered if it would help the group\u2019s development.<\/p>\n\n\n\n
Macau Legend runs three casinos in Macau: Landmark, Babylon and Legend Palace. These are run under a services agreement with SJM Holdings Ltd. <\/p>\n\n\n\n
Macau Legend also has a tourism complex, Macau Fisherman\u2019s Wharf, close to the Outer Harbour Ferry Terminal on Macau peninsula. The firm has also invested in a casino resort in Laos.<\/p>\n","protected":false},"excerpt":{"rendered":"
Levo Chan will join the board after becoming the largest single shareholder in the casino and hotel operator.<\/p>\n","protected":false},"author":2,"featured_media":11605,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Levo Chan, CEO of Macau junket operator Tak Chun Group, has become the largest single shareholder in Macau Legend, triggering a mandatory unconditional cash offer for additional shares under Hong Kong's takeovers code. Chan will join Macau Legend's board, intending to review operations and financial position, with potential asset acquisitions or disposals to support group development.","focusai_entities":"Levo Chan, Tak Chun Group, Macau Legend, SJM Holdings Ltd.","focusai_location":"Macau, Hong Kong, Laos","focusai_target_profile":"ceo_executive (0.9), regulator (0.75), compliance_legal (0.85), operator_casino (0.8), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact on SJM Holdings?","query":"How might Levo Chan's increased influence on Macau Legend's board affect the existing services agreement with SJM Holdings Ltd. for casino operations, and what are the potential implications for GGR and NGR distribution?"},{"label":"Future Asset Strategy?","query":"Given Levo Chan's stated intention to review operations and financial position, what specific asset acquisitions or disposals are most probable for Macau Legend, particularly concerning its Laos investment or Macau Fisherman\u2019s Wharf, and what is the projected capital allocation strategy?"}],"footnotes":""},"categories":[160,157],"tags":[257,22593],"class_list":["post-11603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-business-news","tag-macau","tag-macau-legend"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=11603"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11603\/revisions"}],"predecessor-version":[{"id":11619,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11603\/revisions\/11619"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/11605"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=11603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=11603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=11603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}