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

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

Post by CEOCambodiaNews » Sun Dec 29, 2019 3:49 pm

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

Post by CEOCambodiaNews » Tue Dec 31, 2019 8:31 am

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
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