Still waiting for Savan Vegas Hotel

Macau Legend Development Limited announced the release of the information dispatch regarding the Savan Vegas Hotel and Entertainment Complex deal in the Lao People’s Democratic Republic, noting that it will be delayed until June 30, according to a filing to the Hong Kong Stock Exchange. The dispatch, signed by Macau Legend CEO, David Chow Kam Fai justified the delay, stating the need to finalise financial information regarding the Savan Vegas Hotel. This comes after Macau Legend announced that it had entered into a ‘Project Development Agreement’ with the Lao People’s Democratic Republic Government to purchase the Savan Vegas Hotel, located in Savannakhet Province in the centre of Laos for US$42 million (MOP335.64 million). The same dispatch detailed that the unaudited net book value of the Savan Vegas Hotel as of December 31 last year was approximately US$31.09 million, as reported by Business Daily.