Macau Legend moves towards new IR
The Macanese casino operator bought a company which owns land in Cambodia, where it may develop an integrated resort in the future.
Cambodia.- Casino operator Macau Legend Development Ltd has acquired Cambodian company Howing Enterprises Co Ltd, which owns land in Siem Reap, and may soon make a move to develop an integrated resort there. The company has agreed to pay €78.9 million for all of Howing’s stock as it sought to take over its nearly 1,200 hectares of land in the Cambodian province.
Despite a filing to the Hong Kong Stock Exchange by the company not mentioning gaming in relation to the land, it did inform about an upcoming IR push.
“The acquisition of the land by the group is intended for construction and development of an integrated resort in Siem Reap province, Cambodia, allowing the group to take part in and benefit from the tourism industry of Cambodia, which is important for the group’s long-term development as well as the broadening of its revenue base,” Macau Legend told the stock exchange.
Regarding gambling, a Cambodian government official was quoted in May saying gambling business was “not allowed” in Siem Reap. Nonetheless, as IRs are commonly linked to casino developments, it wouldn’t be a surprise if the company decides to push for a gaming business within the property.