Macau Legend Development has confirmed it is planning to sell its Savan Legend casino in Laos with an initial agreement in place for a US$45m sale to Japanese businessman Shundo Yoshinari.
Macau Legend, which also owns the Macau Fisherman’s Wharf precinct and the satellite casino Legend Palace, has signed a Letter of Intent with Mr. Yoshinari for the entire equity interest in Macau Legend subsidiary MLD Resorts Laos Limited, which owns Savan Legend.
Li Chu Kwan, Chairman, Executive Director and Chief Executive Officer, for Macau Legend said: “Although the gaming and hotel business in Lao PDR was profit-making for the financial year of 2022, its financial performance is unstable and such business is subject to increasingly onerous restraints in Lao PDR, thereby limiting its profitability in the future. If the Potential Disposal materialises, the Group can reallocate more financial resources to its business operation in Macau and for overall future development. The Board considers that the entering into of the Letter of Intent and the Potential Disposal is in the interests of the Company and the Shareholders as a whole.”