Macau’s Paradise Entertainment has entered into a letter of intent with China Star Entertainment to acquire Hotel Lan Kwai Fong – a five star hotel and casino located on the Macau Pensinsula.
The HK$2.38 billion deal would see Paradise acquire three companies that currently own and operate the property – Most Famous Enterprises Limited, Exceptional Gain Profits Limited and Charming Era Investment Limited.
Aside from its casino operations located on the ground, first and 18th floors, Hotel Lan Kwai Fong boasts 209 guest rooms, restaurants, retail outlets and a spa.
In a filing, Paradise said it “continued to look for potential opportunities in the dynamic gaming industry in Macau and elsewhere to expand its business and to increase its market share in the gaming industry.
“The proposed acquisition is in line with the Group’s business strategies and represents a development of the Group’s existing casino management service business,” it said. “In addition, having its own hotel business will enable the Group to directly provide hospitality services to its patrons (instead of relying on hospitality services provided by other hotels) to support the Group’s existing casino management services business.”
Paradise Entertainment is the parent company of Kam Pek casino in Macau and of LT Game, a leading supplier of electronic gaming systems in Macau.
