Looking to expand in Macau
Paradise Entertainment Ltd. has announced a deal to buy the Lan Kwai Fond Hotel in Macau from a number of shareholders including Most Famous Enterprises Ltd., Exceptional Gain Profits Ltd. and Charming Era Investment Ltd., as well as the related shareholder loans of the target companies, reports local media. The sellers are Hong Kong-listed China Star and its subsidiary China Star Entertainment (BVI) Ltd., according to GGRAsia.
The companies own and operate the casino hotel on the Macau peninsula as well as staff residences. The Lan Kwai Fong includes 209 rooms, a casino, restaurants, a retail component and a spa. The concession-holder is SJM.
Paradise Entertainment, which provides casino management services and provides electronic gaming machines and systems in Macau, says it is looking for “potential opportunities to expand its business and to increase its market share in the gaming industry” in Macau.
“The proposed acquisition is in line with the group’s business strategies and represents a development of the group’s existing casino management service business,” said the firm. “Having its own hotel business will enable the group to directly provide hospitality services to its patrons (instead of relying on hospitality services provided by other hotels) to support the group’s existing casino management service business.”
