Macau casino operator delays 1200-hectare land acquisition in Siem Reap to 2021

Macau Legend’s plans to acquire land and plans to develop an integrated resort in Siem Reap stretching on nearly 1,200 hectares has been delayed to June 2021 due to the COVID-19 crisis, according to Asian Games on 29 June 2020.

Macau Legend announced that it has extended the date of the deal, as the company failed to satisfy all the conditions and completion of the deal by 26 June 2020 deal due to delays and difficulties to the process caused by COVID-19.

Those acquisition conditions include stipulations imposed by Macau Legend upon the seller that the land be “freehold land and free and clear of any encumbrances, and the land must have no aboriginal and other villagers or squatters, schools and students, no dispute, no land external mortgage, pledge and guarantee.” It also requires the land to be adjoining in one full plot, with relevant documentation provided.

In late 2018 Macau Legend announced that it signed a Sale and Purchase Deed to acquire 100% of a company called Howing Enterprises Co Ltd; the deal includes several plots of land totalling 1,200 hectares, worth US$90 million in Siem Reap.

The acquisition of the land by the Group is intended for construction and development of integrated resort (casinos, facilities etc) in Siem Reap province. The investment will  allow the group to benefit from Cambodia’s tourism industry.

In 2019, Executive Director of Macau Legend, Sheldon Trainer said that there is a ban on casino business in Siem Reap. “I think Siem Reap tourism generally is good, but we can do that project without a casino. If we get a casino, fine, but we could also pick up an asset somewhere else,” he said. (Read more)

Macau Legend operates the Macau Fisherman’s Wharf precinct on the Macau peninsula, which includes Legend Palace and Babylon Casino plus hotels and non-gaming facilities. It also runs Savan Legend Resorts Hotel and Entertainment Complex in Savannakhet, Laos, which includes a casino.

 

- Video Advertisement -

Related Post

Chinese Company to Establish Cashew Processing Plant in Cambodia

Shandong (Cambodia) Economic and Technological Development Zone, a Chinese company specializing in cassava and cashew cultivation, has announced plans to increase its capital to establish a cashew processing plant in Cambodia. This initiative was discussed during a recent meeting held on November 6, 2024, between His Excellency Hun Manet, the Prime Minister of Cambodia, and […]

Techo International Airport completed more than 90%, cost of USD1.3 billion

As of the first week of November 2024, the construction of Techo International Airport has achieved more than 90% with a cost of more than USD 1.3 billion. HE Sinn Chansery Vutha, Secretary of State and Spokesman for the Secretariat of State for Civil Aviation of Cambodia said on November 6 that the major construction […]

The rehabilitation of National Road No. 48 from Sre Ambel to Koh Kong is currently 67.45% complete

As of November 6, 2024, the project to restore and upgrade the quality of National Road No. 48, which stretches 148 km, has reached a completion rate of 67.45%. This update was provided by the Ministry of Public Works and Transport. The working group for the National Rehabilitation and Upgrading of National Road No. 48 […]

Gold production reaches nearly 13 tons by early November

Cambodia’s gold refineries have refined nearly 13 tonnes of gold by early of November 2024, according to the Ministry of Mines and Energy’s report. HE Ung Dipola, Director General of the General Department of Mines of the Ministry of Mines and Energy, said at a press conference held on November 6, 2024 that Renaissance Minerals […]

Cambodia has Chinese-invested 1,200 factories with a total capital of more than USD9 billion

As of October 2024, Cambodia has a total of 1,273 factories invested by Chinese investors, totalling USD 9,086 billion, which represents 45.49 percent of the country’s overall investment capital. The figures were mentioned in a meeting between HE Hem Vanndy, Minister of Industry, Science, Technology & Innovation and HE Wang Wenbin, Ambassador of China to […]

The Cambodian gov’t has decided to continue and increase tax incentives for the real estate sector until the end of 2025

The Cambodian government has decided to extend and increase tax incentives for the real estate sector until the end of 2025 to alleviate the tax burden on housing developers and property owners. On November 4, 2024, Samdech President Hun Manet announced on his official Facebook page that these tax incentive measures are intended to support […]