Macau Casino Operator Completes Takeover of Laos Property
Hong Kong-listed casino operator Macau Legend Development Limited has announced that it has now assumed complete management and operational responsibilities for the Savan Vegas Hotel And Entertainment Complex in Laos.
The Macau-based firm behind the Babylon Casino Macau as well as the nearby Pharaoh’s Palace Casino, Macau Legend Development Limited inked a “definitive sale document” with the Laotian government two weeks ago after paying $42 million in May for the rights to operate the full-service casino, hotel and resort in the country’s Savannakhet Province.
Macau Legend Development Limited previously revealed that this agreement additionally includes a 50-year casino monopoly for a trio of Laotian provinces including the largest, Savannakhet Province, which forms part of the nation’s border with Thailand.
“We sincerely thank the government of the Laos for its support and trust in Macau Legend Development Limited and we have a shared vision with the government on both the transformation of the existing Savan Vegas Casino And Hotel as well as development of the proposed new integrated resort by our company in Savannakhet,” said David Chow, Co-Chairman, Executive Director and Chief Executive Officer for Macau Legend Development Limited. “Macau Legend Development Limited is committed to developing Savannakhet into a tourism center. In addition, it is our company’s responsibility as a private sector business to follow the objective laid out in the “one-belt one-road” policy.”
Previously operated by Lao Holdings via its Sanum Investments Limited subsidiary, Savan Vegas Hotel And Entertainment Complex was seized by the government in 2012 over allegations that the property owed around $23 million in unpaid taxes and penalties.
“The investments from [China] have contributed to the economic development of Laos,” said Souphanh Keomixay, Planning And Investment Minister for Laos. “The transaction with Macau Legend Development Limited is another example of this and we are confident that this company has the experience and track record in operating and developing high-quality integrated tourist projects. The government of Laos looks forward to working with Macau Legend Development Limited in the transformation of Savannakhet as a center for tourism in Laos.”
Source: World Casino News