Inside Asian Gaming

INSIDE ASIAN GAMING DECEMBER 2017 14 THE SALE OF US$4.2 billion Bahamas IR Baha Mar to Hong Kong-listed casino investor Chow Tai Fook Enterprises (CTFE) is almost complete, with only some minor details yet to be finalized according to Attorney-General Carl Bethel. Speaking to local media outlet The Tribune as the casino resort opened its SLS Baha Mar hotel, Bethel said that matters were now in the hands of lawyers but that, “There are only some things that need to be done. “They (CTFE) have to complete their own land transfers and some have to be completed with the government. There is still a legal process that has to be completed elsewhere. “It’s a matter of the liquidation being cleared away but the hotel properties and all transfers in terms of the heads of terms and heads of agreements are complete. These are all in the hands of the lawyers,” he said. The sale of Baha Mar to CTFE has been far from smooth, with original developer Sarkis Izmirlian – who was controversially ousted amid major construction delays – calling for the government to impose a moratorium on the sale of the resort. The Tribune also reported that Izmirlian has since written to the current Minnis administration calling for an CHOW TAI FOOK CLOSE TO FINALIZING US$4.2 BILLION BAHA MAR DEAL Genting Hong Kong offloads further cruise line stake Genting Hong Kong has announced the partial sale of its stake in global cruise line company Norwegian Cruise Line Holdings Ltd (NCLH) for US$270 million which it says will be used as “general working capital and capital expenditure for the group and/ or to fund new investments of the group should suitable opportunities arise.” The disposal of 10 million shares, held by wholly-owned subsidiary Star NCLC, represents approximately 2.19% of the total issued NCLH shares and will see Genting HK’s stake in the company fall from 7.83% to 5.64%. In a filing to the Hong Kong Stock Exchange, Genting HK said the sale would net a US$57.4 million gain on disposal. It’s the second time in three months that Genting HK has sold down its stake in NCLH, having offloaded a 3.29% interest in August. investigation into the issuance of a casino license to CTFE by the previous Christie government. Nevertheless, the sale has continued to progress. News of the deal – which was first announced last December – finally nearing completion coincided with the official launch ceremony of SLS Baha Mar, a 299-room hotel featuring three bars and restaurants plus a nightclub.