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Macau Legend Decides To Promote Landmark Macau And Pharaoh’s Palace Casino
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1 of Macau's properly known establishments, the Macau Legend Development Ltd has announced that it has signed a letter of intent for the sale of the Landmark Macau, which is one particular its two main properties in Macau. In accordance to the filing made with the Hong Kong Stock Exchange, the buyer is an existing shareholder of the company.
The Landmark Macau is an integrated complicated comprising a 5-star hotel, a casino and luxury purchasing services. The home attributes Macau's first themed casino named Pharaoh's Palace Casino, which operates below an SJM Holding's gaming license.
The company's co-chairman and chief executive, David Chow Kam Fai called the transaction an essential one particular for the organization adding that the letter of intent would perform as a framework to function out the terms and circumstances of the sale.
The Landmark Macau has been valued at HKD5.47 billion at the finish of 2015 as per an independent valuation report quoted by the organization in its filing. poker ace 99 The casino has reported gaming income of HKD744.four million in 2015, a decline of 34.7 percent year-on-year. Macau Legend itself has posted a net loss of HKD268.five million for 2015 against a net revenue of HKD478.9 million in 2014.
The business is hoping to use the proceeds of the sale to emphasis on strengthening its other ventures. In a statement Macau Legend said,
As such, the firm anticipates that the proposed disposal will let the group to expand its firms in Macau and overseas without having taking on too significantly additional leverage.
The business has stated in its filing that it will be focusing on tasks in Southeast Asia the place China's new policy initiative One particular Road, One particular Belt is encouraging investment into tourism connected ventures. Below this new initiative launched by Chinese President Xi Jinping, nations along the Silk Street Financial Belt are currently being encouraged to connect and boost trading relations through advancement of infrastructure.
The proceeds will also advantage the company's Macau Fisherman's Wharf task which is currently getting redeveloped. The company is constructing new amenities in the complex in addition to renovating the present ones. The new Harbourview Hotel in the Wharf has previously had a soft launch and in accordance to Mr. Chow, the construction of a second hotel called the Legend Palace Hotel will be wrapped up by this June.
Macau Legend is also constructing a significant casino resort in Cape Verde, an African island nation, at the cost of €250 million.
The Landmark Macau is an integrated complicated comprising a 5-star hotel, a casino and luxury purchasing services. The home attributes Macau's first themed casino named Pharaoh's Palace Casino, which operates below an SJM Holding's gaming license.
The company's co-chairman and chief executive, David Chow Kam Fai called the transaction an essential one particular for the organization adding that the letter of intent would perform as a framework to function out the terms and circumstances of the sale.
The Landmark Macau has been valued at HKD5.47 billion at the finish of 2015 as per an independent valuation report quoted by the organization in its filing. poker ace 99 The casino has reported gaming income of HKD744.four million in 2015, a decline of 34.7 percent year-on-year. Macau Legend itself has posted a net loss of HKD268.five million for 2015 against a net revenue of HKD478.9 million in 2014.
The business is hoping to use the proceeds of the sale to emphasis on strengthening its other ventures. In a statement Macau Legend said,
As such, the firm anticipates that the proposed disposal will let the group to expand its firms in Macau and overseas without having taking on too significantly additional leverage.
The business has stated in its filing that it will be focusing on tasks in Southeast Asia the place China's new policy initiative One particular Road, One particular Belt is encouraging investment into tourism connected ventures. Below this new initiative launched by Chinese President Xi Jinping, nations along the Silk Street Financial Belt are currently being encouraged to connect and boost trading relations through advancement of infrastructure.
The proceeds will also advantage the company's Macau Fisherman's Wharf task which is currently getting redeveloped. The company is constructing new amenities in the complex in addition to renovating the present ones. The new Harbourview Hotel in the Wharf has previously had a soft launch and in accordance to Mr. Chow, the construction of a second hotel called the Legend Palace Hotel will be wrapped up by this June.
Macau Legend is also constructing a significant casino resort in Cape Verde, an African island nation, at the cost of €250 million.
