Emperor International Holdings, the majority owner of the Grand Emperor Hotel in Macau has boosted its stake in the property by 15 percent, according to a filing.
The HK$460 million deal, announced on the Hong Kong Stock Exchange on Monday, will see Emperor Entertainment Hotel Investment acquiring an additional 15 percent stake in Luck United Holdings Limited, a subsidiary of the company which operates the Grand Emperor Hotel.
The deal will boost Emperor Entertainment’s holdings in Luck United from 60 to 75 percent, which it said is a “tremendous opportunity” to increase its stake at a “deep discount.”
“In recent years, the [Luck United] continued to achieve a stable performance in entertainment and hospitality services in Macau and generate [a] recurrent income stream for Emperor E Hotel and Emperor International.”
Emperor said the acquisition will allow it to expand its investment opportunity, and allow the hotel to utilize its financial resources more efficiently.