Deadline for completion of Macau Legend‘s sale extended until April 15

The date for Macau Legend to close on the hotel and casino Savan Legend has been moved up to April 15. The company had earlier said that it will pay $39 million to Japanese businessman Shundo Yoshinari for the operator of the Savan Legend property.

The CEO of Macau Legend, Li Chu Kwan, recently informed the Hong Kong Stock Exchange that the parties had reached a mutual agreement to extend the deal’s completion date from March 31 to April 15.

The Savan Vegas property was taken from its previous operator Sanum Investments in 2012 due to accusations of tens of millions of dollars in unpaid taxes and penalties. Macau Legend paid the Laos government $42 million for the facility.

Macau Legend received a $10 million deposit as part of the sale agreement. After the deal is signed, an additional $9.5 million is due in 15 business days. A cashier’s order will be used to pay the remaining $19.4 million upon completion. An additional $100,000 will be set aside for deductible liabilities that must be satisfied after the initial consideration adjustment.

Original story by: Asia Gaming Brief