The mystery behind Macau Legend’s trading halt was resolved when it became known that Chan Weng Lin, also called Levo Chan, chief executive of the junket firm Tak Chun Group, has acquired a roughly 20.7 percent stake in Macau Legend.
The purchase deal took place on September 11 through an offshore firm called Perfect Achiever Group Limited.
In March of this year, David Chow, the founder of Macau Legend, turned over CEO duties to his wife Melinda Chan, but has remained co-chairmen and holds a 29.9 percent stake in the firm.
David Chow and Chan Weng Lin are now the firm’s No. 1 and No. 2 investors, respectively.
Hong Kong-listed Macau Legend operates the Macau Fisherman’s Wharf casinos, the Savan Legend Resort in Laos, and a large-scale shopping complex on Hengqin island.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
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A report from the Bank of Korea has highlighted the dire economic situation faced by Jeju’s eight casinos, including an estimate that their combined sales for 2020 will come in at less than a third of the figure recorded in 2019.
After a horrific year like 2020, what almost everyone wants to hear is that 2021 will be a year in which the world will gradually return to something like normality. That may very well be the story that develops over the course of the next twelve months, but no one should assume that a positive outcome is guaranteed.
While the pandemic may have brought tourism to a standstill, Suncity Group Holdings is showing no indication of slowing down its expansion plans in tandem, announcing an ambitious range of targets for 2021.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.
Before the Covid-19 crisis, tourism in the Greater Mekong Sub-Region was at a record high, on track to welcome 80 million visitors in 2019, generating some $90 billion in revenue.
