Macau Legend has announced the sale of its Savan Vegas casino complex in Laos to Japanese businessman Shundo Yoshinari.
According to Macau Business, the firm declared its intention to divest of its Laos holdings in June, with a goal of concentrating on its Macau operations.
Yoshinari was originally to pay US$45 million for the property, but the sale price then dropped to US$39 million. When the deal closes, Yoshinari will own 100 percent equity interest in MLD Resorts Laos, described as an indirect wholly-owned subsidiary of Macau Legend, which controls Savan Vegas.
Macau Legend noted that the business was profitable in the 2022 fiscal year, but financial performance was “unstable,” and warned that “increasingly onerous restraints in Lao PDR” could hamper future performance.
Macau Legend originally bought Savan Vegas in 2016, paying $42 million. In 2012, the Laos government seized the property from former operator Sanum Investments, citing millions of dollars in unpaid taxes and penalties.
Proceeds from the sale are expected to 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. According to Asia Gaming Brief, Macau Legend has also been attempting to build a hotel and casino in Cape Verde, but has encountered some setbacks.
