Judged on financials, expertise
Six gaming investors are bidding to acquire the Savan Vegas Hotel and Entertainment Complex in Laos. GGRAsia reports that the bidders include Iao Kun Group Holding Co. Ltd., a Nasdaq-listed investor in junket rooms in Macau and Australia; Macau Legend Development Ltd., a Hong Kong-listed firm with operations in Macau and plans to develop a casino resort in Cape Verde; a consortium involving RGB Macau Ltd., which once ran a slot machine operation at L’Arc in Macau; Hong Kong-based Silver Heritage Ltd; Groupe Lucien Barrière, with casinos in France, Switzerland and elsewhere in Europe; and U.S.-based investment firm PGP Investors LLC.
Another U.S. firm, San Marco Capital Partners LLC, has been engaged by the Laos government to manage the sale. San Marco said the government had approved the final list based on factors including “financial capability and operational expertise.”
The property in Savannakhet on the borders of Thailand and Vietnam includes “a full-service casino, a hotel and numerous entertainment and leisure offerings,” according to a statement from the firm. The complex was previously operated by Sanum Investments Ltd. and Lao Holdings NV. The operators were forced to relinquish their stake in June 2015; according to Marianas Variety, Laotian law enforcement had launched a criminal investigation of John K. Baldwin, principal and CEO of Bridge Capital LLC, Sanum Investments’ parent company.
