Regional real-estate and gambling giant Macau Legend Ltd has confirmed that there would be a delay in the proposed acquisition of land in Cambodia to host a prospective integrated resort.
GGRAsia reports that In a filing on Thursday the Hong Kong-listed casino services firm Macau Legend Development Ltd said that it would extend the plans to acquire land in Cambodia and that it would now be completed by mid-2020.
The deal was first announced in 2018 when Macau Legend settled to purchase the land from Wang Jieman alias Wang Kitman. The deal was finalized at US$90.01 million for the entire stock of a Cambodian company, Howing Enterprises Co Ltd.
However, it is reported that according to the terms of the 2018 deal, “the transfer of the land and its registration under the new ownership was “conditional upon and subject to the satisfaction of certain conditions” on or before an agreed “long stop date”, i.e., December 28, 2019.”
However, in a filing on Thursday, Macau Legend said that the seller needed “more time for the fulfillment of certain conditions.” it said that following the time trouble facing the seller both Macau Legend and the seller have agreed to “extend the long stop date to 26 June 2020 (or such later date as the parties may agree in writing)”.
Macau Legend also said that all other terms and conditions of the sale remain as it is.
Macau Legend had struck the deal back in 2018 and at that point in time, it had said that it wants to develop an integrated resort in Cambodia’s Siem Reap Province. However, in its recent filing, the company has said nothing about the plans to develop a casino resort.
Cambodia has emerged as a regional gambling destination, however, the ban on online gambling in the country is seeing a lot of casinos and gambling operators wrapping up.