Scientific Game

Macau Legend agrees to HK$4.6 billion sale of The Landmark Macau

Saturday, 11 November 2017 08:52
Share
Visit us

Macau Legend Development Limited has announced the signing an agreement with four buyers to sell The Landmark Macau for HK$4.6 billion.

The sale will see the property’s owners – Macau Legend CEO David Chow and wholly owned subsidiary Hong Hock – offload 100% of issued capital in another subsidiary, New Macau Landmark Management Limited (NML), with neither to have any further interest The Landmark upon the successful execution of the agreement.

According to a filing with the Hong Kong Stock Exchange, Dong Lap Hong Property Investment Company Limited will acquire 58% of NML, with the other buyers listed as Tong Lap Tak Real Estate Limited (20%), Tong Hong Wan Real Estate Limited (17%) and Tong Tak Cheng Real Estate Limited (5%).

The buyers will acquire the entire combined stake in The Landmark Macau – a hotel and casino complex on the Macau Peninsula covering 80,129 square meters in gross floor area including 439 five-star rooms and suites as well as Pharaoh’s Palace Casino. Pharaoh’s Palace occupies 16,698 square meters with 60 mass market gaming tables, 17 VIP gaming tables and 141 slot machines.

The sale won’t completely end Macau Legend’s involvement, with one stipulation of the agreement being that Hong Hock will continue to provide gaming services at Pharaoh’s Palace “for as long as SJM maintains its status as a gaming concessionaire in Macau, including extensions and/or renewals of the existing gaming concession and/or a new concession obtained by SJM.”

Under the gaming services agreement, SJM is to pay Hong Hock around 15% of gross gaming income while NML, under its new owners, will pay Hong Hock a monthly management fee of 0.5% of gross gaming income. Neither Hong Hock or SJM will pay any rent for operation of casino facilities.

Macau Legend said that a total of HK$660 million has already been paid by the buyers as way of a deposit with a third deposit of HK$340 million due on 5 January 2018. The remaining HK$3.6 billion will be payable upon completion of the deal.

 

 

 

What's new

G2E Asia Awards: Meet the Judges – Alidad Tash

G2E Asia Awards: Meet the Judges – Alidad Tash Alidad Tash has been in the gaming industry since 2000, starting on the Las Vegas strip at the Venetian and continuing on to Macau 12 years ago. He was on the opening team at Venetian Macao, the first Cotai property, leading the analytics department. While there, he popularized the now-ubiquitous No... Monday, 23 April 2018 07:13

PhilWeb sees 1Q18 revenue surge 236%

PhilWeb sees 1Q18 revenue surge 236% Philippines gaming services provider PhilWeb Corporation has announced a 236.7% surge in revenue to Php87.8 million for the three months to 31 March 2018. The year-on-year boost follows the renewal of its license by PAGCOR last August after Gregorio Araneta III purchased a 53.75% stake in the compa... Monday, 23 April 2018 07:09

Galaxy’s Philippines partner still buying up Boracay land: report

Galaxy’s Philippines partner still buying up Boracay land: report Galaxy Entertainment Group’s Philippines partner, Leisure and Resorts World Corp (LRWC), is still buying land in Boracay despite recent claims by President Rodrigo Duterte that no new casinos would be built on the holiday island. According to a report by The Philippine Star, Municipal Executive A... Monday, 23 April 2018 07:01

Judiciary Police arrest one, clear junkets over cryptocurrency subscription scheme

Judiciary Police arrest one, clear junkets over cryptocurrency subscription scheme Macau’s Judiciary Police have detained a local man for his involvement in a cryptocurrency subscription allegedly being falsely promoted by Lantai Digital Application Technology. In a media briefing on Friday, a Judiciary Police spokesman confirmed that the man – a 37-year-old named only as Hon... Monday, 23 April 2018 06:25

Current Issue

G2E ASIA AWARDS to debut in 2018

G2E ASIA AWARDS to debut in 2018 Inside Asian Gaming and G2E Asia will co-organize the inaugural G2E Asia Awards in 2018 – the official awards of Asia’s biggest industry  trade show and exhibition, G2E Asia. In an exciting development for the Asian gaming industry, Inside Asian Gaming and G2E Asia announced in March that they... Wednesday, 04 April 2018 14:07

Indian Dreaming: Tiger Palace putting Nepal in the game

Indian Dreaming: Tiger Palace putting Nepal in the game By Ben Blaschke The first integrated resort to be built in South Asia, Tiger Palace Resort in Nepal’s lowland Terai plains sits just eight kilometers from the border with India’s most populous state Uttar Pradesh, home to some 215 million people. At US$52 million it also represents a fascinatin... Wednesday, 04 April 2018 14:12

Digital Danger

Digital Danger As the world becomes increasingly digital, the world’s casino operators are taking cyber security more seriously than ever before. But as leading risk mitigation company Kroll explains, risks remain – and not always where you might expect.  By Ben Blaschke AS cautionary tales go, the downfall... Wednesday, 04 April 2018 14:09

Gaming development outlook along the Belt and Road

Gaming development outlook along the Belt and Road Michael Zhu, SVP of International Planning and Analysis for The Innovation Group, delves into the benefits that Chinese President Xi Jinping’s “One Belt and One Road” initiative will bring to Asia’s gaming industry. By Michael Zhu PRIOR to the current recovery of Macau’s gaming malaise, ... Wednesday, 04 April 2018 14:08