Hong Kong-listed Macau Legend Development Ltd. has set a new deadline for the sale of its Savan Vegas casino resort in Savannakhet, Laos. The new closing date is May 3.
It’s the third time the “long-stop date” for completion has been changed. It was originally set to close in February, then March 31. Earlier this month, it was pushed back to April 15.
According to GGRAsia, no reason was given for the new timetable, but the purchaser, Japanese businessman Shundo Yoshinari, must first be approved by the government.
Last summer, Macau Legend first announced its intention to sell off its holdings in Laos to focus on its Macau operations. Yoshinari was originally to pay US$45 million for the property, then the price dropped to US$39 million (Macau Legend originally bought Savan Vegas in 2016, paying $42 million).
When the deal finally closes, the businessman will own a 100 percent equity interest in MLD Resorts Laos, described as an indirect wholly-owned subsidiary of Macau Legend, which controls Savan Vegas.
Proceeds from the sale will boost Macau Legend’s cash flow and allow it to invest in its core business at home, where it operates the Macau Fisherman’s Wharf complex and the Legend Palace casino, a satellite operating under the gaming license of concessionaire SJM.
