A series of transactions involving the Hong Kong-listed shares of casino operator Macau Legend Development find a pair of junkets in effective control of the company.
The heads of junkets Tak Chun Group and Golden Glove now hold more than 38 percent of the company after Levo Chan, Tak Chun’s chief executive, emerged this month as the largest individual shareholder. Chan increased his stake from less than 1 percent to 20.75 percent through direct purchases totaling HK$1.28 billion (US$165.2 million) from founder and Chairman David Chow.
The next largest stake, 18 percent, is held by Golden Glove Chairman Li Chi Keung.
Ina Chan, a Hong Kong businesswoman and a former consort of late Macau casino tycoon Stanley Ho, holds 16.3 percent.
The combined stake held by Chow and his wife, Macau Legend CEO and Executive Director Melinda Chan, is now down from 20.89 percent to 9.89 percent.
Macau Legend operates three casinos in Macau under license from SJM, the gaming concession founded by Stanley Ho. One is located at Macau Legend’s Landmark Hotel, the other two at the city’s Fisherman’s Wharf entertainment district: the Babylon and the Legend Palace Casino and Hotel.
The company also owns a non-gaming retail complex on the neighboring island of Hengqin and a casino in Laos.
