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Casino company delays buying Siem Reap land for resort

2019-12-31
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Summary:Hong Kong-listed “casino services” firm Macau Legend Development Ltd has delayed a Siem Reap land purchase which was originally announced on the Hong Kong Stock Exchange on Dec 31, 2018, when the company noted that the land was earmarked for development into an “integrated resort.”

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Hong Kong-listed “casino services” firm Macau Legend Development Ltd has delayed a Siem Reap land purchase which was originally announced on the Hong Kong Stock Exchange on Dec 31, 2018, when the company noted that the land was earmarked for development into an “integrated resort.”

A year ago, Macau Legend announced the purchase  on the exchange, saying it had agreed to buy to pay Wang Jieman,  also known as Wang Kitman, $90.01 million for the entire stock of a Cambodian company, Howing Enterprises Co Ltd, which holds about 1,200 hectares of land in Siem Reap. The deal then was that the transfer of the land and its registration under new ownership was “conditional upon and subject to the satisfaction of certain conditions” on or before an agreed “long stop date” of December 28, 2019. But in a Hong Kong Stock Exchange filing last Thursday, December 26, 2019,  Macau Legend said it would extend the plans to acquire the Siem Reap land to mid-2020.

In the filing Macau Legend – which  GGR Asia  claimed is “known as an operator of casino venues in Macau and Laos” – said that the seller needed “more time for the fulfillment of certain conditions”  and that both parties agreed to “extend the long stop date to June 26, 2020, (or such later date as the parties may agree in writing)”. The intended purchase has been mired in controversy since May 30, 2018, when Macau Legend co-chairman and chief executive David Chow Kam Fai, announced that the company was negotiating to buy the land in Siem Reap  for an “integrated resort”  a term which GGR Asia – the website about the Asian casino industry – said was “typically a euphemism in the industry for a venue containing casino space and non-gaming facilities”.

GGR Asia noted that  Chow did not use the word “casino” when referring to the Siem Reap scheme.The day after Chow’s announcement, Cambodian government official Ros Phirun at the Ministry of Economy and Finance, said gambling business was “not allowed” in Siem Reap, near the country’s UNESCO World Heritage site Angkor Wat. When the land deal was announced, promotional material on display at a company showroom in Macau featured illustrations of  the Siem Reap  resort as a  building  up to seven storeys tall and named Hidden Legend.(This news came from Khmertimes.com)

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