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Cambodia – Macau Legend looks for solution as land deal fails to complete in Siem Reap

By - 28 June 2021

Having announced a deal to buy land for a resort casino in Cambodia in 2019, Macau Legend Development has now confirmed that the deal is yet to be completed and that it is seeking a solution with the seller.

The company said in May 2019 that it would spend $90m buying several parcels of land in Siem Reap Province, in Cambodia, on which it intended to build an integrated resort (IR).

However in a statement, Macau Legend’s Co-chairman, executive Director and chief executive officer Chan Weng Lin has now advised: “Pursuant to the Sale and Purchase Deed (as amended by two supplemental deeds dated 26 December 2019 and 26 June 2020, respectively), the transfer of the Land to Howing and the registration of the ownership of the Land in the name of Howing shall be completed on or before the Long Stop Date (i.e. 26 June 2021). As the transfer of the Land to Howing and the registration of the ownership of the Land in the name of Howing had not been fully completed on or before the Long Stop Date, the Company is now negotiating with the Seller for amicable solutions and will publish further announcement(s) to inform the Shareholders as and when appropriate.”
Cambodia’s Ministry of Economy and Finance’s General Department of Financial Industry Deputy Director General Ros Phirun has previously said: “The gambling business is not allowed in Siem Reap. The question is whether the investment plan for integrated resort includes a casino or not. If there is no casino or gambling activity in the project, that is fine.”

Macau Legend operates Babylon and Legend Palace casinos in Macau, as well Savan Legend Resorts Hotel and Entertainment Complex in Laos.

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