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

• Samphors Sao
• 29 June 2020
• Local News
• 9644 Views

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.