Macau Casino Operator Delays 1200-hectare Land Acquisition in Siem Reap Again

• 29 June 2021
• Local News
• 3073 Views

Macau-based gaming operator Macau Legend Development Ltd has once again failed to reach an agreement on its 1200-hectare land acquisition in Siem Reap but has stated that it is now negotiating with the seller for amicable solutions, reported IAG.

Macau Legend Development Ltd first revealed its plan to build an integrated resort in Siem Reap province in 2018 when the firm also signed a Sale & Purchase Deed to acquire 100% of a company called Howing Enterprises Co Ltd.

The deal also included purchasing several plots of land totalling 1,200 hectares, worth US$90 million in Siem Reap, 50 kilometres from Angkor Wat. (Read more)

However, in June 2020, the firm delayed the purchase, stating that they 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. (Read more)

With the new agreement, the two parties had until 26 June 2021 to complete the transfer of ownership but Macau Legend said in a 28 June filing that they had failed to do so and the company is now negotiating with the seller for amicable solutions.

The acquisition of the land by the group is intended for the construction and development of an integrated resort in Siem Reap province.

Questions had also been raised over the feasibility of developing an integrated resort with gaming facilities in Siem Reap, with former Macau Legend Executive Director Sheldon Trainer telling IAG in 2019, “When we first announced our interest there someone came out and said there is no gaming in Siem Reap, but we’re 50 kilometres from Angkor Wat.

“I think Siem Reap tourism generally is good … we can do that project without a casino. If we get a casino, fine, but we could also pick up an asset somewhere else.”

Regarding the matter of developing integrated resorts in Siem Reap, the Cambodian government recently rejected a proposed US$350-million Siem Reap resort by NagaCorp, claiming that the project would negatively affect the archaeological park. (Read more)

The decision came after several meetings with ICC-Angkor coupled with concerns voiced by UNESCO.

• Business and Market
• Projects Development