Macau Legend Decides To Promote Landmark Macau And Pharaoh’s Palace Casino
One of Macau's properly acknowledged establishments, the Macau Legend Advancement Ltd has announced that it has signed a letter of intent for the sale of the Landmark Macau, which is one its two main properties in Macau. According to the filing created with the Hong Kong Stock Exchange, the buyer is an existing shareholder of the firm.
The Landmark Macau is an integrated complicated comprising a five-star hotel, a casino and luxury purchasing amenities. The property attributes Macau's initial themed casino called Pharaoh's Palace Casino, which operates beneath an SJM Holding's gaming license.
The company's co-chairman and chief executive, David Chow Kam Fai named the transaction an crucial one for the firm adding that the letter of intent would operate as a framework to perform out the terms and conditions of the sale.
The Landmark Macau has been valued at HKD5.47 billion at the end of 2015 as per an independent valuation report quoted by the organization in its filing. The casino has reported gaming revenue of HKD744.4 million in 2015, a decline of 34.seven % 12 months-on-yr. Macau Legend itself has posted a net loss of HKD268.five million for 2015 towards a net profit of HKD478.9 million in 2014.
The organization is hoping to use the proceeds of the sale to concentrate on strengthening its other ventures. In a statement Macau Legend said,
As this kind of, the business anticipates that the proposed disposal will allow the group to broaden its businesse