Savan Vegas deal delayed until end of week

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 circular, the despatch date of the circular will be postponed,” the company wrote in a filing.

The deal had been postponed twice since its first announcement in May, when the company announced it has entered into a project development agreement with the Laos government to purchase the Savan Vegas Hotel and Entertainment complex.

The Lao government agreed to sell the project at the consideration of US$42 million.

The agreement allows Macau Legend to operate the project’s gaming tables, semi-automated gaming tables and EGMs, either in the casino or in the form of interactive gaming.

The company said it expects to despatch the circular on or before August 5, 2016