Macau Legend Development Completes Disposal Of Laos Casino Resort After February Postponement
Macao Legend Development Limited, a high-profile company listed on the Hong Kong Stock Exchange, successfully wrapped up its planned disposal of the revered Lao casino resort, as announced in an official filing on Thursday.
Macau Legend's Laotian Casino Resort Disposal Conclusion:
The Saban Legend resort in the Lao Savannaket has been delayed in disposal procedures since February, as pointed out in previous company filings. The delays raised issues, while also giving Macau Legends enough time to ensure a smooth and well-coordinated disposal process.
In its latest announcement on Thursday, Macau Legends confirmed it had received the necessary approval from the Lao government, paving the way for a smooth implementation of the agreement. The milestone not only means the disposal has been successfully completed, but also highlights Macau Legends' commitment to complying with regulatory requirements and securing the necessary permits for business transactions.
According to Macau Legends, the disposal deal was completed on May 16, completely selling off the Saban Legends property. The strategic move is in line with Macau Legends' broader business strategy of optimizing its portfolio and focusing on key areas of growth and profitability.
The decision to sell Saban Legends was first unveiled in June 2023 with an initial reference to a letter of intent to acquire Shundo Yoshinari, a Japanese resident and identified as an independent third party. The total price for the sale was set at US$45 million. Negotiations and discussions have since concluded the disposal agreement, with Macau Legends securing a favorable deal that maximizes value to its shareholders.
According to a report by GGRAsia, in a filing later in December, Macau Legends explained that its entire stake in Saban Legends was initially sold for about $39 million under a deal it signed with Mr. Yoshinari. The company expected to make a pre-tax profit of about HK$47 million ($600,000) from the disposal. These financial gains not only strengthen Macau Legends' balance sheet, but also provide additional resources for future strategic investments and initiatives.
Macao Legend's business landscape:
Beyond Saban Legend's disposal, Macau Legends is exploring further strategic moves in its business portfolio. A recent report shows discussions between the Cape Verde government and Macau Legends about the possibility of the latter's concessions to develop and operate casino resorts in the West African country being reversed. While these discussions are ongoing, they reflect Macau Legends' willingness to evaluate and optimize its business interests in various regions and markets.
In Macau, the company boasts ownership of Macau Fishermen's Pier, a famous tourist complex located close to the Outer Harbor Ferry Terminal on the Macau Peninsula. Specifically, the complex houses Legendary Palace, a famous casino operated by Macau Legends, under a service contract with Macau's licensed operator, SJM Holdings Ltd. This strategic partnership highlights Macau Legends' position as a key player in Macau's vibrant gaming and entertainment sector. 에볼루션 바카라사이트
Despite the disposals and ongoing strategic initiatives, Macau Legends posted a net loss of HK$4.9 million in fiscal 2023, according to its full-year results filed on March 28. While these financial performances may raise concerns, it should be noted that strategic disposals like Saban Legends are part of a broader strategy aimed at long-term growth and sustainability.