Macau Legend Development extends deadline for Laos casino resort sale

Macau Legend Development, the operator of Fisherman's Wharf in Macau, has announced yet another extension to the timeline for finalizing arrangements related to the sale of a casino resort business in Laos.

The new deadline has been set for May 3rd, marking another delay in the resolution of the Savan Legend Resorts transaction in Savannakhet, Laos.

Initially slated for resolution in February, the process has encountered several setbacks. The sale was rescheduled to March 31st and then to April 15th. The latest extension was revealed in a filing on Friday by Macau Legend. However, the filing did not elaborate on the reasons behind the updated timeline.

The announcement of the sale of Savan Legend was made in June 2023, indicating that a letter of intent had been signed with a prospective buyer, Shundo Yoshinari, a Japanese citizen residing in Japan. The agreed total consideration for the transaction was set at $45 million.

In a filing dated December, Macau Legend disclosed that the entire equity interest in Savan Legend would be sold at an "initial consideration" of $39 million, per the agreement signed with Yoshinari. The company anticipated a pre-tax gain of approximately HK$47 million ($6 million) from the transaction.

Macau Legend has previously indicated that the potential disposal would bolster the company's cash flow and financial capabilities for its operations in Macau. The latest financial results for Macau Legend reveal a net loss of HK$4.9 million ($630,000) in 2023.