New Macau Landmark Management Co. for $589.74 million.
New Macau Landmark Management Limited operates The Landmark Macau Hotel and Casino Complex in Amijade Streep, and the initial sale agreement was announced Thursday in a filing with the Hong Kong Stock Exchange, according to a report by the Macau Daily Times newspaper.
New Macau Landmark Management Limited's new owner will be a consortium of four businesses led by Donglab Hong Investment Company. Although the entire contract must be approved by the Macau government through the Game Inspection Coordination Bureau.
Ben Lee, managing partner of Macau-based IGamiX Management and Consulting Limited, reportedly told the Macau Daily Times that the agreement meant 'simple real estate transactions' but 'the gaming part' should 'always be approved by the government'.
Lee reportedly told the newspaper, "Since the satellite casino system has just been implemented and is a value recognized by the market, we expect no government opposition," adding, "The value of casinos is inextricably related to property."
The newspaper reported that the sale is expected to result in the sale of Dongnap Hong Investment Company, controlled by the chairman of the Macau General Real Estate Association, holding a 58% stake in New Macau Landmark Management Limited, as well as the rest acquired by minority partners Tongtak Chung Real Estate, Tong Hong Wan Real Estate and Tongnap Tak Real Estate.
New Macau Landmark Management Limited's filing predicted the deal would lead to a profit of about $423.09 million after tax, which would then be used for "Macao Fisherman's Pier Redevelopment" and reduce "the group's equipment level."
The Macao Daily Times reports that the 862,189-square-foot casino inside The Landmark Macao currently offers about 77 game tables and 141 slots under a concession agreement with local casino giant SJM Holdings Limited. The paper also explained that Honghawk Development Limited, managed by local entrepreneur and politician Chowkampai, has declared that it will provide additional facts about the deal and its impact 'as soon as possible' with shareholders expected to receive such information before the end of the month.
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