Macau Legends To Buy Siem Reap Consolidated Resort Land
Macau Legend Development Company said it would eventually acquire a Cambodian land-owning company that could accommodate Macau Legend-branded “integrated resorts.”
A filing with the Hong Kong Stock Exchange on Monday by Macau Legend, known as the operator of the casinos in Macau and Laos, did not mention games related to Siem Reap resorts.
In late May, Cambodian government officials were quoted as saying gambling businesses were “not allowed” in Siem Reap, home to the UNESCO World Heritage site Angkor Wat.
Macau Legend agreed to pay land seller Wang Kitman, a pseudonym for Wang Jieman, US$9 million for all shares in Howing Enterprises Inc., a Cambodian company. The buyer said Howing owns about 1,200 hectares (2,965 acres) of land in Cambodia’s Siem Reap province.
“The group’s land acquisition is for the construction and development of an integrated resort in Siem Reap, Cambodia, to enable the group to participate and benefit from the Cambodian tourism industry, which is critical to the group’s long-term development and expansion of its revenue base,” Macau Legend told the stock exchange.
Macao Legend CEO David Chau Kampai in May announced the company’s strategy to buy the land at CMRib in what it calls an integrated resort, without clarifying whether casinos could be included.
Macau Legends operates Babylon Casino and Legendary Palace Casino in Macau based on a Macau gaming license owned by SJM Holdings Ltd. Macau Legends also operates Saban Legends Resort Hotel and Entertainment Complex, which is undergoing a revamp in Laos.
Neighboring Cambodia is seen as a market “riving” to attract international gaming brands. In June, Andrew Klebanow, a senior partner at business consulting firm Global Market Advisors LLC, told GGRAsia that Cambodia’s willingness to welcome mainland Chinese tourists would likely be a venue for new gaming projects.
According to an update on the progress of regulatory oversight of casinos in Cambodia released by the Asia-Pacific Group on Money Laundering in September last year, there were 63 licensed casinos in Cambodia as of the end of 2016.
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