Macau’s China Star sells casino property

Macau company China Star Entertainment Ltd has sold its Lan Kwai Fong casino hotel property.

Macau.- The Lan Kwai Fong casino hotel was acquired by businessman Chan Meng Kam this week, after the former owner company China Star Entertainment Ltd decided to sell it. The financial transaction was completed last Wednesday, according to the company’s filing with Chinese authorities.

“The board is pleased to announce that the completion took place on January 3,” China Star reported in a filing to the Hong Kong Stock Exchange. And added: “The remaining balance of the sale price in the amount of EUR 191 million has been fully paid in cash.”

Lan Kwai Fong casino hotel was the only gaming facility owned by the Chinese company. The total transaction would be set in EUR 212,6 million and the businessman has already paid EUR 21 million in cash as a “non-refundable deposit”, according to the local press. Based on the official report, the net gain on disposal of the venue is estimated to be EUR 153 million.

Chan Meng Kam is currently owner of the Royal Dragon Casino and its hotel, which finally opened its doors in Macau on September last year. Macau’s casino regulator Gaming Inspection and Coordination Bureau confirmed to the press that the facility opened with 20 gaming tables that had been relocated from an unknown venue.