Sale of Savan Vegas now extended to end of August

Wednesday 3rd of August 2016

The sale of Savan Vegas Hotel and Entertainment Complex to Macau Legend Development has reportedly been extended to the end of August.

Earlier this week, Macau Legend said the deal would be further delayed until the end of the week, “as additional time is required to finalize the information and update the progress of the acquisition of [the hotel] in the circular.”

In its latest filing, the operator said the government of Laos has “agreed to extend the longstop date” for the Initial Project Development Agreement from July 31 to August 31.

In addition, the agreement will automatically be renewed to September if “any of the [present] conditions are unable to be satisfied.”

Macau Legend Development is set to pay USD42 million for the complex after announcing in May that it has received the Lao government’s approval to operate Savan Vegas, along with a right to a 50-year monopoly on casino operations, in three provinces of Laos.

In a separate filing on Monday, the company announced that a concession license for the 50-year monopoly will be issued under the Revised Project Development Agreement.

Under the second agreement, Macau Legend will be allowed to “engage in concession activities, lease the project area, and engage in the operation and management of the project.”

Bricks & Mortar Deal Acquisition Delay Sale