Emperor International Holdings announced that its subsidiary, Emperor Entertainment Hotel Investment, has acquired an additional 5 percent stake in Luck United, the company which owns and operates the Grand Emperor Hotel in Macau.
Under the transaction, Emperor Entertainment will pay a consideration of HK$155 million (US$12.8 million) for the 5 percent acquisition, bringing its total shareholdings in the company to 80 percent.
In a filing, the company said the 5 percent acquisition represented a “tremendous opportunity” for the company to increase and concentrate its stake in Luck United for a deep discount.”
“In recent years, [Luck United] continued to achieve a stable performance in entertainment and hospitality services in Macau and generate recurrent income for Emperor E Hotel Group and the Group. Such an acquisition can enable the Group to realize such good investment opportunity and utilize financial resources efficiently,” it wrote.
The company has been steadily increasing its stake in the Macau hotel-casino – after boosting its stake by 15 percent in October last year for a consideration of HK$460 million.