Laos

Macau Legend has big plans for Laos after its $42 million purchase of Savan Vegas, but the Laos market remains volatile and somewhat hostile to foreign investment.

 

Macau Legend has big plans for Laos after its $42 million purchase of Savan Vegas, but the Laos market remains volatile and somewhat hostile to foreign investment. Laos hit the headlines last year when the government put Savan Vegas out for bids having seized the resort from its foreign owners, Sanum Investments, over alleged tax liabilities. The sale generated interest from six buyers, including Macau junket promoter Iao Kun Group and casino operator Macau Legend.



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Macau Legend Development reported a modest rise in revenue in the third quarter of 2016, according to its recent filing to the Hong Kong Stock Exchange.

Lottery officials in Laos have denied claims it is rigging the national lottery, after a report pointed to a growing sentiment among Laotian lottery players that winning numbers were being manipulated.

Sanum Investments has won a case before the Appeal Court in Singapore against the Laos government claiming capital investment benefit losses through unfair taxes.

Silver Heritage has assigned its revenue sharing agreements to manage electronic gaming machines at Dansavanh Nam Ngum Resort and Casino in Laos to Pan Asia Leaders.

Hong Kong-listed casino operator Macau Legend Development Ltd has announced it has formally taken control of the Savan Vegas Hotel and Entertainment Complex in Laos.

The sale of Savan Vegas Hotel and Entertainment Complex to Macau Legend Development has reportedly been extended to the end of August.

Casino operator Macau Legend Development Ltd says its acquisition of Savan Vegas in Laos will be further delayed until the end of the week, according to its filing to the Hong Kong Stock Exchange.

Sanum Investment Ltd. and Lao Holdings, N.V. filed an opposition to the motion to dismiss by San Marco Capital Partners, LLC and Kelly Gass on Friday.

HK-listed Macau Legend Development Ltd says it has postponed the despatch date of a circular in relation to the Savan Vegas Hotel and Entertainment Complex in Laos.

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