Macau Legend revises sale terms for Laos casino, to receive $6 million less

The conditions under which Macau Legend is selling the Savan Legend, its casino project in Laos, have altered, and it might now receive $6 million less than it had anticipated. Instead of the previously stated $45 million, the business plans to sell its whole stake in the Savan Legend hotel and casino for $39 million, according to a stock exchange filing. The buyer is still a Japanese businessman named Shundo Yoshinari.

This change was made following Macau Legend’s $42 million purchase of the Savan Vegas facility, which the Laotian government seized from its previous operator, Sanum Investments, in 2012 on the grounds of possible unpaid taxes and fines. For the disposal, the organization was given a $10 million deposit, and within 15 business days of the agreement’s signature, an additional $9.5 million was anticipated.

When everything is said and done, a cashier order will be used to release the remaining $19.4 million. An additional $100,000 will be set aside for “reserves for deductable liabilities,” which will be paid after the initial consideration has been adjusted.

Macau Legend stated that the primary causes of its casino and hotel enterprises’ unprofitability in the region were the tightening regulations in Laos and the erratic state of the economy. Despite declaring a profit for the fiscal year 2022, concerns were expressed over the company’s long-term sustainability in Laos.

After the deal closes, Macau Legend’s primary responsibility will be managing the Macau Fisherman’s Wharf complex, which entails operating a satellite casino with the gaming permit from SJM. The corporation is still having trouble realizing its goal of building a hotel and casino in Cape Verde.

Original story by: Asia Gaming Brief