Four buyers pay less than original price
Macau Legend Development Ltd. has announced that the HK$4.6 billion (US$586 million) sale of its Landmark Macau property on the peninsula closed as scheduled at the end of April.
In a filing to the Hong Kong Stock Exchange, the company owned by local businessman David Chow reported that “all the conditions precedent under the disposal agreement have been fulfilled and the completion took place on 27 April.”
The sale, first announced last November, was to have garnered HK$4.6 billion (US$589.06 million/MOP4.73 billion) for Macau Legend, with the proceedings to be used in the redevelopment of Macau Fisherman’s Wharf. Instead, the sale of 100 percent of New Macau Landmark Ltd., the hotel’s owner, generated less, totaling HK$3.3 billion (US$420.4 million) for Macau Legend.
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.
