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 agreement additionally includes a 50-year casino monopoly for a trio of Laotian provinces including the largest, Savannakhet Province, which forms part of the nation’s border with Thailand.
“We sincerely thank the government of the Laos for its support and trust in Macau Legend Development Limited and we have a shared vision with the government on both the transformation of the existing Savan Vegas Casino And Hotel as well as development of the proposed new integrated resort by our company in Savannakhet,” said David Chow, Co-Chairman, executive director and chief executive officer for Macau Legend Development Ltd. “Macau Legend Development Limited is committed to developing Savannakhet into a tourism center. In addition, it is our company’s responsibility as a private sector business to follow the objective laid out in the ‘one-belt one-road’ policy.”
“The investments from [China] have contributed to the economic development of Laos,” said Souphanh Keomixay, planning and investment minister for Laos. “The transaction with Macau Legend Development Limited is another example of this and we are confident that this company has the experience and track record in operating and developing high-quality integrated tourist projects. The government of Laos looks forward to working with Macau Legend Development Limited in the transformation of Savannakhet as a center for tourism in Laos.”