Macau Legend receives LOI for Landmark sale

Macau Legend Development Ltd has received a letter of intent from an “independent third party” for the sale of its Landmark Macau casino hotel, according to a filing to the Hong Kong Stock Exchange.  

The exact amount of the consideration for the hotel casino is yet to be negotiated by the parties.

Macau Legend said the disposal will allow the group to expand its businesses in Macau and overseas without taking on too much additional leverage.

“In addition, the Company remains firmly committed to the successful completion of the redevelopment of Macau Fisherman’s Wharf, and the Possible Disposal will enable the Group to focus more on the new hotels, casinos and other tourist related facilities at Macau Fisherman’s Wharf.”

Last year, Macau Legend entered into a letter of intent with Wide Power Enterprises Ltd for the sale of its casino, but the sale fell through in September.