HK company proposes casino-resort project for Siem Reap, Cambodia

Whether you're a working stiff or a business owner yourself, this is the place to discuss all aspects of financing your drinking habit ;-)

NO BUSINESS SALES HERE PLEASE, WE HAVE A SECTION FOR THAT IN THE CLASSIFIEDS.
User avatar
CEOCambodiaNews
Expatriate
Posts: 62322
Joined: Sun Oct 12, 2014 5:13 am
Reputation: 4033
Location: CEO Newsroom in Phnom Penh, Cambodia
Contact:
Cambodia

Re: HK company proposes casino-resort project for Siem Reap, Cambodia

Post by CEOCambodiaNews »

The future Macau Legend development project for a new integrated resort in Siem Reap has been put on hold for 6 months, “conditional upon and subject to the satisfaction of certain conditions”.

Macau Legend extends deadline to buy Cambodia land
Dec 27, 2019

Hong Kong-listed casino services firm Macau Legend Development Ltd says it has agreed to extend the deadline for acquiring a company owning some Cambodian land that could eventually house a Macau Legend-branded “integrated resort”. The extension runs to mid-2020, stated Macau Legend in a Thursday filing.

In December 2018, Macau Legend announced it had agreed to pay the land seller, Wang Jieman alias Wang Kitman, US$90.01 million for the entire stock of a Cambodian company, Howing Enterprises Co Ltd. The buyer said Howing holds about 1,200 hectares (2,965 acres) of land in the Cambodian province of Siem Reap.

Under the deal announced last year, the transfer of the land and its registration under the new ownership was “conditional upon and subject to the satisfaction of certain conditions” on or before an agreed “long stop date”, i.e., December 28, 2019.

In Thursday’s filing, Macau Legend said the seller required “more time for the fulfilment of certain conditions,” so the two parties agreed on December 26 to “extend the long stop date to 26 June 2020 (or such later date as the parties may agree in writing)”.

“All other terms and conditions of the sale and purchase deed shall remain unchanged,” added the company.

When the deal was announced, Macau Legend – known as an operator of casino venues in Macau and Laos – said the group intended to develop an integrated resort in Siem Reap province. The company’s filings have not mentioned gaming in relation to the Siem Reap resort. Macau Legend has not given further details of the facilities planned for the Siem Reap scheme.
https://www.ggrasia.com/macau-legend-ex ... odia-land/
Join the Cambodia Expats Online Telegram Channel: https://t.me/CambodiaExpatsOnline

Cambodia Expats Online: Bringing you breaking news from Cambodia before you read it anywhere else!

Have a story or an anonymous news tip for CEO? Need advertising? CONTACT US

Cambodia Expats Online is the most popular community in the country. JOIN TODAY

Follow CEO on social media:

Facebook
Twitter
YouTube
Instagram
User avatar
CEOCambodiaNews
Expatriate
Posts: 62322
Joined: Sun Oct 12, 2014 5:13 am
Reputation: 4033
Location: CEO Newsroom in Phnom Penh, Cambodia
Contact:
Cambodia

Re: HK company proposes casino-resort project for Siem Reap, Cambodia

Post by CEOCambodiaNews »

More here:
31 December 2019
In the filing, Macau Legend – which GGR Asia claimed is “known as an operator of casino venues in Macau and Laos” – said that the seller needed “more time for the fulfillment of certain conditions” and that both parties agreed to “extend the long stop date to June 26, 2020, (or such later date as the parties may agree in writing)”. The intended purchase has been mired in controversy since May 30, 2018, when Macau Legend co-chairman and chief executive David Chow Kam Fai, announced that the company was negotiating to buy the land in Siem Reap for an “integrated resort” a term which GGR Asia – the website about the Asian casino industry – said was “typically a euphemism in the industry for a venue containing casino space and non-gaming facilities”.

GGR Asia noted that Chow did not use the word “casino” when referring to the Siem Reap scheme.The day after Chow’s announcement, Cambodian government official Ros Phirun at the Ministry of Economy and Finance, said gambling business was “not allowed” in Siem Reap, near the country’s UNESCO World Heritage site Angkor Wat. When the land deal was announced, promotional material on display at a company showroom in Macau featured illustrations of the Siem Reap resort as a building up to seven storeys tall and named Hidden Legend.
https://www.khmertimeskh.com/50675169/c ... for-resort
Join the Cambodia Expats Online Telegram Channel: https://t.me/CambodiaExpatsOnline

Cambodia Expats Online: Bringing you breaking news from Cambodia before you read it anywhere else!

Have a story or an anonymous news tip for CEO? Need advertising? CONTACT US

Cambodia Expats Online is the most popular community in the country. JOIN TODAY

Follow CEO on social media:

Facebook
Twitter
YouTube
Instagram
User avatar
CEOCambodiaNews
Expatriate
Posts: 62322
Joined: Sun Oct 12, 2014 5:13 am
Reputation: 4033
Location: CEO Newsroom in Phnom Penh, Cambodia
Contact:
Cambodia

Re: HK company proposes casino-resort project for Siem Reap, Cambodia

Post by CEOCambodiaNews »

Macau Legend says acquisition of Cambodian land delayed
By Inside Asia Gaming
- June 29, 2020

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.

In full: https://www.asgam.com/index.php/2020/06 ... d-delayed/
Join the Cambodia Expats Online Telegram Channel: https://t.me/CambodiaExpatsOnline

Cambodia Expats Online: Bringing you breaking news from Cambodia before you read it anywhere else!

Have a story or an anonymous news tip for CEO? Need advertising? CONTACT US

Cambodia Expats Online is the most popular community in the country. JOIN TODAY

Follow CEO on social media:

Facebook
Twitter
YouTube
Instagram
User avatar
Sir Stephen
Expatriate
Posts: 202
Joined: Tue Apr 21, 2020 4:55 pm
Reputation: 116
France

Re: HK company proposes casino-resort project for Siem Reap, Cambodia

Post by Sir Stephen »

the land must have no aboriginal and other villagers or squatters
Funny way of saying they want it free of people :whip: =@
User avatar
newkidontheblock
Expatriate
Posts: 4424
Joined: Tue May 20, 2014 3:51 am
Reputation: 1545

Re: HK company proposes casino-resort project for Siem Reap, Cambodia

Post by newkidontheblock »

Sir Stephen wrote:
the land must have no aboriginal and other villagers or squatters
Funny way of saying they want it free of people :whip: =@
They just to be sure that some okhna didn’t just snap it up and leave them with years of bad press and human rights abuses to deal with.

It’s Cambodia. Stuff that would be assumed in the west, like the land bought isn’t stolen, is never clear in the Kingdom of Wonder.
User avatar
CEOCambodiaNews
Expatriate
Posts: 62322
Joined: Sun Oct 12, 2014 5:13 am
Reputation: 4033
Location: CEO Newsroom in Phnom Penh, Cambodia
Contact:
Cambodia

Re: HK company proposes casino-resort project for Siem Reap, Cambodia

Post by CEOCambodiaNews »

Casino or no casino ?

3 July 2020
Two years ago, Macau Legend agreed to acquire the massive landholding for $90 million through the purchase of the entire stock of a Cambodian company called Howing Enterprises Co Ltd.

It is unclear if the project will include a casino, because Cambodian laws prohibit the construction of such facilities near Angkor Wat, a UNESCO World Heritage Site and Cambodia’s leading tourist destination.

Ros Phirun, a deputy director-general at the Ministry of Commerce, earlier said that gambling near Angkor Wat is not allowed.

Macau Legend owns and operates several hotels, casinos and related facilities in Macau and Laos.
https://www.khmertimeskh.com/50741117/f ... reap-land/
Join the Cambodia Expats Online Telegram Channel: https://t.me/CambodiaExpatsOnline

Cambodia Expats Online: Bringing you breaking news from Cambodia before you read it anywhere else!

Have a story or an anonymous news tip for CEO? Need advertising? CONTACT US

Cambodia Expats Online is the most popular community in the country. JOIN TODAY

Follow CEO on social media:

Facebook
Twitter
YouTube
Instagram
Post Reply Previous topicNext topic
  • Similar Topics
    Replies
    Views
    Last post

Who is online

Users browsing this forum: No registered users and 114 guests