Scientific Game

Paradise Entertainment set to finalize Hotel Lan Kwai Fong buyout

Thursday, 12 October 2017 05:43
Share
Visit us

Hong Kong-listed China Star Entertainment Limited is expected to announce today that it has completed the sale of Hotel Lan Kwai Fong Macau to Macau-based gaming firm Paradise Entertainment after trading in shares was halted on Wednesday.

In a filing to the Hong Kong Stock Exchange, China Star Entertainment said that trading had been halted “pending the issue of an announcement in relation to a legally binding agreement entered into by a wholly-owned subsidiary of the company ... regarding the disposal of a group of subsidiaries of the company which owns and operates Hotel Lan Kwai Fong Macau and a few other residential units in Macau.”

It follows an announcement by Paradise in June that it had entered into a letter of intent with China Star Entertainment to acquire Hotel Lan Kwai Fong, a five-star hotel and casino located on the Macau Pensinsula.

An exclusivity agreement regarding negotiations between the two parties expired on 30 September.

Nevertheless, completion of the HK$2.38 billion deal would see Paradise acquire three companies that currently own and operate the property – Most Famous Enterprises Limited, Exceptional Gain Profits Limited and Charming Era Investment Limited.

Aside from its casino operations located on the ground, first and 18th floors, Hotel Lan Kwai Fong boasts 209 guest rooms, restaurants, retail outlets and a spa.

Paradise said in June that it “continued to look for potential opportunities in the dynamic gaming industry in Macau and elsewhere to expand its business and to increase its market share in the gaming industry.

“The proposed acquisition is in line with the group’s business strategies and represents a development of the group’s existing casino management service business,” it added. “In addition, having its own hotel business will enable the group to directly provide hospitality services to its patrons (instead of relying on hospitality services provided by other hotels) to support the Group’s existing casino management services business.”

Paradise Entertainment, headed by Chairman and Managing Director Jay Chun, is the parent company of Kam Pek casino in Macau and of LT Game, a leading supplier of electronic gaming systems in Macau.

 

 

What's new

Inside Asian Gaming takes a look back at the biggest stories of the past week

Inside Asian Gaming takes a look back at the biggest stories of the past week Inside Asian Gaming takes a look back at the biggest stories of the past week Friday, 23 February 2018 06:55

TGG to deploy content on Solaire Resort & Casino’s gaming floor

TGG to deploy content on Solaire Resort & Casino’s gaming floor Hong Kong’s TGG Interactive has announced a deal with Manila’s Solaire Resort & Casino to integrate the Philippines casino operator to its Asian VIP and middle-class focused digital gaming machine library on the casino floor. In a press release, TGG said that the successful deployment at S... Friday, 23 February 2018 05:20

Saipan gaming commissioner accuses Macau casinos of not reporting real VIP volumes

Saipan gaming commissioner accuses Macau casinos of not reporting real VIP volumes The Executive Director of the Commonwealth Casino Commission (CCC), the gaming regulatory body of the Northern Mariana Islands, has attributed the comparatively enormous VIP rolling chip volumes running through Imperial Pacific International’s (IPI) Saipan casino to Macau operators failing to repo... Friday, 23 February 2018 05:06

Macau’s Chinese New Year visitation grows 6.5%

Macau’s Chinese New Year visitation grows 6.5% Macau’s visitor arrivals surged by 6.5% year-on-year to more than 960,000 during Chinese New Year, including around 710,000 from mainland China, according to preliminary statistics released by the Macao Government Tourism Office (MGTO). The figures cover the seven days of Spring Festival Golden W... Friday, 23 February 2018 04:27

Current Issue

Design For Profit

Design For Profit Architect Paul Steelman provides his insights into designing the most expensive privately funded buildings on earth and making and breaking trends. By Muhammad Cohen | Editor-at-Large EMINENT casino architect Paul Steelman helped create the Asian gaming boom with the groundbreaking design of Sands... Monday, 29 January 2018 15:11

Climbing the mountain

Climbing the mountain   ASX-listed Silver Heritage Group finally launched hotel and casino operations at its new Tiger Palace Resort Bhairahawa in late 2017, having survived the 2015 earthquake, a fuel blockade on the Nepal-India border and an AU$19 million (US$14.4 million) funding shortage as a result of the delays. ... Monday, 29 January 2018 15:07

Can sportsbooks survive a 1% tax on handle?

Can sportsbooks survive a 1% tax on handle?   The big news coming out of the United States this year is the likely striking down of the federal ban on sports betting. But with many states licking their lips in anticipation of added tax dollars, the sports betting industry may well have another crippling fight on its hands. THE US Supreme C... Monday, 29 January 2018 15:05

Herman Ng:Macau Pioneer

Herman Ng:Macau Pioneer Inside Asian Gaming discovers a bit more about Herman Ng, CEO and Executive Director of Macau-based slot machine services firm Asia Pioneer Entertainment (APE). Ben Blaschke: Can you start by telling us a bit about yourself and your background? Herman Ng: I grew up in Macau and then when I was 16 ... Monday, 29 January 2018 14:52