Macau junket boss Levo Chan has increased his stake in Macau Legend Development to a little over 33 percent, a controlling interest that has bought him the co-chairmanship of the Hong Kong-listed casino operator.
Chan, chief executive of Tak Chun Group, is now Macau Legend’s largest individual shareholder and will be joined on the board of directors by Tsang Ka Hung, CFO of the company’s principal junket arm, Tak Chun Gaming Promotion Company.
Chan said he has no intention of making substantial changes to Macau Legend’s operations but will conduct a review of the business and its financial position “for the purpose of formulating plans and strategies for the group’s long-term development and will explore other opportunities for the group.”
Chan is paying HK$809.8 million (US$104.5 million) through a subsidiary to up his investment from a previous 20.65 percent, most of which was acquired in September for a reported HK$1.28 billion.
The purchases do not include the shares owned by Macau Legend founder David Chow, who has resigned as an executive director but will share the chairman’s title, or those of his wife, Melinda Chan, who remains CEO, or the 3.37 percent held by a subsidiary of SJM Holdings, the Hong Kong-listed company that holds one of Macau’s six casino concessions and serves as the umbrella license for Macau Legend’s two casinos in the territory.
The company also owns a casino in Laos.
