Savan Vegas is a premier entertainment center located Savannakhet Province, Lao P.D.R. (across the river from Mukdahan). The casino is owned by Sanum Investment, Ltd. a Macau, China, based investment and development company.
Macau Legend Development saw its loss widen in the six months ended June 30, 2017, due mainly to an increase in operating and finance costs, and depreciation following the opening of Legend Palace Casino and Hotel. The loss for the six month period reached HK$228.6 million (US$29.2 million), an increase of HK$53.3 million compared to […]
Macau Legend Development Ltd. reported a loss of HK$277.5 million (US$35.7 million) for the year ended Dec. 31, 2016, according to the group’s filing to the Hong Kong Stock Exchange on Wednesday. The result is slightly widened from HK$268.5 million incurred in the year ended Dec. 31, 2015. The group said the loss was mainly […]
Macau Legend Development reported a modest rise in revenue in the third quarter of 2016, according to its recent filing to the Hong Kong Stock Exchange. Total reported revenue increased by approximately 1.9 percent to HK$377.6 million in the quarter. Gaming revenue increased by 12 percent to approximately HK$257.1 million in the quarter, while non-gaming […]
Sanum Investments has won a case before the Appeal Court in Singapore against the Laos government claiming capital investment benefit losses through unfair taxes. The Macau-based company sought redress under a bilateral investment treaty signed by Laos and China in 1993. Reversing a decision by the Singapore High Court, the Court of Appeal has ruled […]
Hong Kong-listed casino operator Macau Legend Development Ltd has announced it has formally taken control of the Savan Vegas Hotel and Entertainment Complex in Laos. In May, the company entered into a project development agreement with the Laos government to purchase Savan Vegas for a consideration of $42 million. Macau Legend later revealed that this […]
Gaming services firm Macau Legend Development Ltd’s net loss for the first half of 2016 has more than doubled. In a filing to the Hong Kong Stock Exchange on Thursday, the firm saw net loss of HK$175.3 million ($22.6 million) in 16H1, compared to HK$68.4 million for the prior-year period. The group achieved total revenue […]
A European-Asian consortium has made a cash counter-offer of $400 million to acquire the assets and gaming concession of Savan Vegas Casino and Hotel Entertainment Complex in Laos, local media reports. The consortium is led by Werner Kubesch and is backed by a European casino operator and one of the world’s largest hospitality groups. The […]
The sale of Savan Vegas Hotel and Entertainment Complex to Macau Legend Development has reportedly been extended to the end of August. Earlier this week, Macau Legend said the deal would be further delayed until the end of the week, “as additional time is required to finalize the information and update the progress of the […]
Casino operator Macau Legend Development Ltd says its acquisition of Savan Vegas in Laos will be further delayed until the end of the week, according to its filing to the Hong Kong Stock Exchange. “As additional time is required to finalize the information and update the progress of the acquisition of [the hotel] in the […]
Sanum Investment Ltd. and Lao Holdings, N.V. filed an opposition to the motion to dismiss by San Marco Capital Partners, LLC and Kelly Gass on Friday. According to a press release from Sanum Investment, this represents the latest development regarding the case in which the defendants failed to uphold their fiduciary obligations under the contract. […]
HK-listed Macau Legend Development Ltd says it has postponed the despatch date of a circular in relation to the Savan Vegas Hotel and Entertainment Complex in Laos. In a filing to the Hong Kong Stock Exchange, the company said “additional time is required to finalise the information in the Circular, including the financial information and […]
John Sario, a representative of Sanum Investments said the company was not consulted prior to the sale to Macau Legend, adding that the latest decision is a violation to the 2014 settlement, Macau Daily Times reports. Last week, Macau Legend stated it had entered into a US$42 million project development agreement with the Laos government […]
Casino services firm Macau Legend Development Limited has announced it has entered into a project development agreement with the Laos government to purchase the Savan Vegas Hotel and Entertainment complex. According to a filing from the firm to the Hong Kong Stock Exchange on Monday, the Lao government agreed to sell the project at the […]
Electronic gaming machine manufacturer RGB International Bhd said the tender to operate the Savan Vegas Hotel in Laos has been terminated. “The Board of Directors wishes to announce that the tender for sales process for the Savan Vegas Hotel & Entertainment Complex in Lao PDR was terminated by the Government of Lao PDR (People’s Democratic […]
Lao Holdings N.V., the parent company of Sanum Investments Limited, has filed three legal actions in the past week against the Lao Government, according to a recent press release. The legal action is related to the violation of the 2014 settlement agreement reached by both parties, stipulating the sale of the Savan Vegas Hotel and […]
Saipan’s federal court has denied the petition from the Laos Government for issuance of subpoenas on Bridge Capital LLC and its owner in connection with the criminal tax investigations in Laos, local media reports. According to the Saipan Tribune, U.S. District Court for the NMI Magistrate Judge Heather L. Kennedy ruled that the Government of […]
A consortium consisting of RGB International, RGB Macau Ltd, together with consortium members Datuk Chuah Kim Seah and Ung Chi Fong has announced it has been shortlisted to bid for the acquisition of Savan Vegas Hotel, a casino resort in Laos, local media reports. The Malaysia-headquartered gaming machine manufacturer said its subsidiary had been qualified […]
The Savan Vegas resort in Savannakhet province, Laos, is looking for buyers, according to a sales agency working on behalf of the government. The sales agents, San Marco Capital Partners, announced that it has invited interested parties to participate in a competitive sales process for the purchase of the Savan Vegas Hotel and Entertainment Complex. […]
Macau’s sixth Legislative Assembly elections will take place on Sunday, with gaming-related candidates proposing more concessions, a social fund and better workers’ rights as part of their platforms. Seven gaming-linked candidates are competing as part of a 24-strong field for the 14 available seats.
A heat map of the casinos clustered around Thailand’s borders are a strong indicator of how much interest there would be if the Kingdom were to legalize gambling.
Macau Legend has big plans for Laos after its $42 million purchase of Savan Vegas, but the Laos market remains volatile and somewhat hostile to foreign investment. Laos hit the headlines last year when the government put Savan Vegas out for bids having seized the resort from its foreign owners, Sanum Investments, over alleged tax liabilities. The sale generated interest from six buyers, including Macau junket promoter Iao Kun Group and casino operator Macau Legend.
The Lao People’s Democratic Republic, huddled between its larger Indochina neighbours, boasts unparalleled natural scenery and a rich culture almost untouched by the commercial world. It also supports a niche, yet thriving casino market.As in neighbouring nations, the gaming sector is loosely regulated and locals are banned from gambling, so the country’s properties tend to be located in border areas and cater to the tastes of surrounding countries -- Thailand, Myanmar, China, Vietnam and Cambodia.