Macau (MNA) – The sale of hotel Lan Kwai Fong to local businessman Chan Meng Kam is completed, according to a filing with the Hong Kong Stock Exchange issued by seller China Star Entertainment on Wednesday evening after trading hours.
The parties reached the acquisition agreement on October 10, 2017, with the value of the sale set at HK$2 billion.
Hotel Lan Kwai Fong Macau has 209 guest rooms, a casino situated on the ground, first and 18th floor, and also includes restaurants, spa and several shops, China Star Entertainment noted in the October filing.
At the time of the agreement, the casinos in Lan Kwai Fong hotel were operated by licence holder Sociedade de Jogos de Macau, S.A. (SJM).
The purchase announcement came just 10 days after a four-month exclusivity period between China Star Entertainment and Hong Kong-listed gaming company Paradise Entertainment Limited had ended, as published by Business Daily.
Paradise, headed by local businessman Jay Chun, had entered into a letter of intent to purchase the hotel for around HK$2.38 billion.
Lan Kwai Fong operated 84 gaming tables and 65 slot machines when the announcement was made.
[Edited by Sheyla Zandonai]