Landmark Macau gets rebranded
The casino hotel has been renamed as New Orient Landmark Hotel after it was sold by Macau Legend Development.
Macau.- Back in April, Macau Legend Development Ltd completed the sale of the casino hotel Landmark Macau, which has just been renamed as New Orient Landmark Hotel. Despite selling 100% of its stake in the venue, the company will continue to operate the Pharaoh’s Palace Casino inside the hotel property under the licence of SJM Holdings Ltd.
“The disposal is expected to accrue a gain before tax of approximately €358.6 million, which is calculated based on the purchase price, net liabilities value and carrying amount of the sale loan of New Macau Landmark Management as at December 31, 2017,” Macau Legend stated at the time of the sale.
Furthermore, the company sent a filing to the Hong Kong Stock Exchange explaining that during the first half of 2017 they faced a €24.8 million loss and they expect to change the tendency this year. According to the filing, the company’s forecast was “based on a preliminary review of its unaudited consolidated management accounts.”
Macau Legend expects to use the profit from the sale to invest in other developments like several planned for Cambodia or the Macau Fisherman’s Wharf in the Chinese territory.
