Macau’s Fisherman Wharf operator, Macau Legend Development Ltd, has announced another extension of the timeline for finalizing arrangements related to the planned sale of a casino resort business in Laos. The new deadline is now set for May 3rd.
Originally scheduled for resolution in February, the process concerning Savan Legend Resorts in Savannakhet, Laos, has seen several delays. Initially postponed to March 31st, then to April 15th, the latest extension was disclosed in a filing on Friday by Macau Legend. However, the filing did not provide reasons for the updated timeline.
The announcement of the sale of Savan Legend was made in June 2023, stating that a letter of intent had been signed by a prospective buyer, Shundo Yoshinari, a Japanese citizen residing in Japan. The agreed total consideration was set at $45 million.
In a filing dated December, Macau Legend disclosed that the entire equity interest in Savan Legend would be sold at an “initial consideration” of $39 million, in accordance with the agreement with Mr. Yoshinari. The company anticipated a pre-tax gain of approximately HK$47 million ($6 million) from the transaction.
Macau Legend previously suggested that the potential disposal would bolster the company’s cash flow and financial capabilities for its operations in Macau.
According to the latest financial results, Macau Legend incurred a net loss of HK$4.9 million ($630,000) in 2023.
