Macau Legend says acquisition of Cambodian land delayed

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The acquisition of 1,200 hectares of land in Cambodia’s Siem Reap Province by Macau Legend Development Ltd, originally planned for development of an integrated resort, has been delayed due to COVID-19.

Macau Legend said in a filing it had extended the Long Stop Date for satisfaction of all conditions and completion of the deal for 12 months until 26 June 2021, having failed to do so before the previous deadline of 26 June 2020 “due to the delay and difficulties to the process caused by the COVID-19 pandemic.”

Those conditions include stipulations imposed by Macau Legend upon the seller that the land be “freehold land and free and clear of any encumbrances, and the land must have no aboriginal and other villagers or squatters, schools and students, no dispute, no land external mortgage, pledge and guarantee.” It also requires the land to be adjoining in one full plot, with relevant documentation provided.

The company announced in December 2018 that it signed a Sale and Purchase Deed to acquire 100% of a company called Howing Enterprises Co Ltd, as well as several plots of land totaling 1,200 hectares, for a consideration of US$90 million. Howing would then hold the land, with Macau Legend stating at the time, “The acquisition of the land by the Group is intended for construction and development of integrated resort in Siem Reap Province, Cambodia, allowing the Group to take part in and benefit from the tourism industry of Cambodia, which is important for the Group’s long-term development as well as the broadening of its revenue base.”

Questions remain, however, over the feasibility of developing an integrated resort with gaming facilities in Siem Reap.
Executive Director Sheldon Trainer told Inside Asian Gaming last year that, “When we first announced our interest there someone came out and said there is no gaming in Siem Reap, but we’re 50 kilometers from Angkor Wat.

“I think Siem Reap tourism generally is good but we can do that project without a casino. If we get a casino, fine, but we could also pick up an asset somewhere else.”
Macau Legend operates the Macau Fisherman’s Wharf precinct on the Macau peninsula, which includes Legend Palace and Babylon Casino plus hotels and non-gaming facilities. It also runs Savan Legend Resorts Hotel and Entertainment Complex in Savannakhet, Laos, which includes a casino.

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