Macau Legend Extends Deadline for Laos Casino Sale to May 3rd

The company that runs Macau’s Fisherman Wharf, Macau Legend Development Ltd., has once again extended the deadline for completing plans to sell a casino resort company in Laos.

The resolution of the Savan Legend Resorts case in Savannakhet, Laos, was initially slated for February, but it has been pushed back multiple times.

The deadline was first moved to March 31st, then to April 15th, and the most recent postponement established a new date of May 3rd.

Macau Legend revealed the information in a filing on Friday, although they gave no justification for the revised deadline.

The sale of Savan Legend was first made public in June 2023 when prospective buyer Shundo Yoshinari, a Japanese citizen residing in Japan, signed a letter of intent. A total consideration of $45 million was agreed upon.

According to the terms of the agreement with Mr. Yoshinari, Macau Legend revealed in a December filing that the entire equity interest in Savan Legend will be sold for a “initial consideration” of $39 million.

Pre-tax gains of about HK$47 million ($6 million) were anticipated from the sale, with the company highlighting its ability to enhance cash flow and financial capacity for Macau operations.

According to its most recent financial data, Macau Legend had a net loss of HK$4.9 million ($630,000) in 2023, defying these forecasts.

Concerns regarding the completion of the Laos resort purchase and its implications for the company’s future endeavors are raised by the prolonged delays in finalizing the Savan Legend deal.

Original Story by: Asian Gaming Brief