Macau Legends Sold Saban Legends Casino To Focus On Macau Business

Recently, Macau Legends Development Limited, an investment holding company that owns the Macau Fisherman’s Wharf section and manages the Legendary Palace satellite casino, announced that it had signed an initial deal to sell the Saban Legends Casino in Laos for $45 million. However, the plan to sell the casino comes as the company seeks to divert additional resources toward its Macau operations.

Letter of Intent:

On June 13, the Company announced that it had officially signed a letter of intent to acquire Saban Legends with Japanese businessman Shundo Yoshinari after completing the due diligence and meeting several conditions. In addition, if all of the above conditions are met, Yoshinari will purchase an entire stake in MLD Resorts Laos Limited, a subsidiary of Macau Legends that wholly owns Saban Legends. In this regard, in a data on the possibility of the Saban Legends sale, the Company said, “The buyer may enter into an official agreement within 14 days of completing the due diligence review on Saban Legends with the target company.”

In addition, according to a schedule detailed by Macau Legend, “Yoshinari Purity side will have to pay an initial deposit of $10 million by mid-August, which may be subject to the signing of an official contract that will be resolved in stages as the transaction process progresses. Buyers will have to pay an additional deposit of $12.5 million upon signing the official contract.” In addition, the remaining amount, $22.5 million, will be paid upon signing the official contract, the company said. However, under normal conditions, the official contract must be signed by the second half of September.

Citing reasons for the sale, the company said, “Rao PDR’s gaming and hotel business has been profitable in fiscal 2022, but its financial performance has been unstable and it is increasingly subject to onerous restrictions in Laos PDR, limiting future profitability. Once the potential disposition is realized, the Group can reallocate more financial resources for its Macau business operations and overall future development. The Board believes the conclusion of the letter of intent and the potential disposition is in the interests of the Company and its shareholders as a whole.”


Among the preconditions for Macau Legend’s previously stated purchase of the Lao casino is that “Saban Legend enters into a flat tax agreement with the Lao PDR government, subject to the terms agreed by all parties, the initial gaming license is 99 years and there are no adverse conditions for Mr. Yoshinari, which is included with the certificate of land lease.” Upon meeting the preconditions and completing the purchase, the company said it “expects to pay the full balance of $45 million within three months of entering into a non-disclosure agreement.”

In addition, Macau Legends, which signed a new three-year deal with SJM this year to continue operating its casinos at Macau Legends Palace, recently posted a loss of HK$677.2 million in the 12 months to Dec. 31, 2022, due to the COVID-19 pandemic and related border restrictions.

BY: 카지노

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