Macau Legend Development Ltd has announced that the firm intends to sell Savan Legend, an integrated resort and casino located in Laos, for a preliminary agreed disposal price of US$ 45 million (approximately HK$ 350 million). Although the property in Laos was profit-making in the 2022 financial year, its financial performance was not stable and business operations were subject to increasingly stringent restrictions in Laos, thereby limiting future profitability, according to a statement by Macau legend.
If the Potential Disposal agreement materializes, the firm could reallocate more financial resources to its business operation in Macau and for the overall future development, the statement reads.
Macau Legend signed a letter of intent on 13 June with Shundo Yoshinari, an independent third party, for the full acquisition of Savan Legend. Yoshinari is a Japanese citizen currently residing in Japan, according to the statement.
Macau Legend acquired Savan Legend in May 2016 and entered into a project development agreement with the Laos Government at a consideration of US$ 42 million. The initial term of the project development agreement is 50 years.