The deadline for the completion of Macau Legend‘s sale of its Savan Legend hotel and casino property has been extended until April 15.
The group previously indicated that it would sell the operator of the Savan Legend hotel and casino property for $39 million to Japanese businessman Shundo Yoshinari.
Ina recent Hong Kong Stock Exchange dispatch, Macau legend CEO, Li Chu Kwan, stated that both parties agreed to extend the date for the deal’s completion from March 31 to April 15.
Macau Legend had initially purchased the Savan Vegas property for $42 million, paid out to the Laos government, who had seized the property from its previous operator Sanum Investments in 2012 – alleging tens of millions in unpaid taxes and penalties.
Macau Legend received an initial deposit of $10 million for the disposal, while a further $9.5 million is set to be paid within 15 business days of the signing of the agreement.
A further $19.4 million upon completion will be issued ‘through cashier order’and a further $100,000 in ‘reserves for deductable liabilities’ will be settled ‘upon the adjustment of the initial consideration’.
