Four buyers in play
Macau Legend Development Ltd. has announced that the HK$4.6 billion (US$586 million) sale of its Landmark Macau property on the peninsula will not be complete until the end of April.
In a filing to the Hong Kong Stock Exchange, the company said it has agreed with the buyers to extend the settlement date, stating that “additional time is required for the company to fulfill the conditions precedent under the disposal agreement.
“As at the date of this announcement, the company is in the course of obtaining the documentation from the government authority in respect of transactions contemplated under the disposal agreement,” the company continued. “All other conditions under the disposal agreement have been fulfilled. The company expects that the completion will take place shortly after the fulfillment of all conditions.”
Macau Legend is owned by New Macau Landmark Management Ltd., a subsidiary of Macau Legend, with gaming services provided by another subsidiary, Hong Hock Development Company.
The four buyers have been identified as Dong Lap Hong Property Investment Company Ltd., which will acquire 58 percent of the property; Tong Lap Tak Real Estate Ltd., which will own 20 percent; Tong Hong Wan Real Estate Ltd., which will own 17 percent; and Tong Tak Cheng Real Estate Ltd., which will hold 5 percent.
The complex has an 80,000-square-meter (861,000-square-foot) gaming area; 439 five-star hotel rooms and suites; and the Pharaoh’s Palace Casino, which occupies 16,698 square meters (180,000 square feet) and offers 60 mass-market gaming tables; 17 VIP gaming tables; and 141 slot machines, reports Inside Asian Gaming.
Hong Hock will continue to provide gaming services at Pharaoh’s Palace “for as long as SJM maintains its status as a gaming concessionaire in Macau, including extensions and/or renewals of the existing gaming concession and/or a new concession obtained by SJM,” according to the agreement.
Hong Hock will be paid around 15 percent of GGR by SJM and 0.5 percent of GGR by the new owners.
