Macau Legend Development Ltd has entered into a non-binding letter of intent with an unnamed buyer to sell its hotel and casino The Landmark Macau.
In a filing to the Hong Kong Stock Exchange overnight, Macau Legend said it intends to sell the entire issued share capital and all the shareholder’s loan owed by its wholly-owned subsidiary New Macau Landmark Management Limited, which is the legal and beneficial owner of The Landmark Macau.
The deal will see the buyer pay a refundable deposit of HK$460 million of which HK$300 million is due immediately and the other HK$160 million within 30 days. Both parties have 90 days in which to enter into a formal agreement or the deal will be voided and deposit refunded.
Funds from the sale will go towards the continued redevelopment of the Macau Fisherman’s Wharf precinct.
“The Company anticipates that the possible disposal will allow the Group to expand its businesses in Macau and overseas without taking on too much additional leverage,” Macau Legend Development Ltd explained. “In addition, the Company remains firmly committed to the successful completion of the redevelopment of Macau Fisherman’s Wharf and the Possible Disposal will enable the Group to focus more on the new hotels, casinos and other tourist related facilities at Macau Fisherman’s Wharf.”
Macau Legend Development Ltd most recently opened Legend Palace at Macau Fisherman’s Wharf, a five-star boutique casino and 223-room hotel.
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