Macau Legend sees major Laos potential, others sceptical

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. The bid process was turbulent at times; Sanum Investments announced it was suing the Lao government and San Marco Capital Partners, whom the government had hired to facilitate the sale, to slow down the process. They were unsuccessful, and in May last year the government announced Macau Legend had been selected as the winning bidder, paying $42 million to purchase the property and the rights to operate it for 50 years. South East Asia has been ready and...

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