Casino services firm Macau Legend Development Ltd has announced that the proposed sale of its Landmark Macau casino hotel to Wide Power Enterprises Ltd did not go ahead.
The filing was made to the Hong Kong Stock Exchange, which notes that the company had previously entered into a letter of intent in March this year with Wide Power Enterprises Ltd for the disposal of the casino hotel.
“The board of directors of the company wishes to announce that the Company and the buyer have not concluded or entered into any definitive investment agreement before the expiry of the Letter of Intent. The Letter of Intent expired on 23 September 2016,” read the filing.
However, the company added that it has been approached by and is in negotiation with a potential buyer on the disposal of the property.
“At present, the Company has been approached by and is in negotiation with a potential buyer, an independent third party, on the potential disposal of the Property and remains positive on the disposal. It is expected that completion of the disposal will occur soon after the potential buyer completes its due diligence and the necessary regulatory approvals in Macau and Hong Kong are obtained.”