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 proposal includes a initial cash payment of $60 million, a planned investment for expansion of the infrastructure worth $120 million and $220 million in guaranteed tax payments over the 50-year period.
In May, the public auction of the Savan Vegas Casino and Hotel Complex was unexpectedly terminated by the Lao Government a few days before short-listed bidders were scheduled to submit their bids. Later in the month, Macau Legend Development announced it was selected for its $42 million offer, without any competitive bidding.
Kubesch said the $400 million offer is considered ‘fair value’ for the well-established casino.
“We are aware Macau Legend has been selected, but with deadlines already missed, we hope our counter-offer which is substantially more beneficial to the Lao government will be considered favorably,” Kubesch said.