The future of The Landmark Hotel and its related Pharoah Palace casino is uncertain as the Friday deadline for a previously announced acquisition deal is passed without a final deal in place.
In late March, Macau Legend Development Limited saw it sign a letter of intent for the possibility of selling the location to an individual called "LiCK." At the time, the Hong Kong Economic Journal described the buyer as a "substantial shareholder" and "a connected person of the company," while the Hong Kong Economic Journal identified the award-winning buyer as Rich Kueng, who was described as holding roughly 12% of the shares in the interim report of the Macau-based casino services company.
Hong Kong-listed Macau Legend Development Limited also operates Babylon Casino in the Fisherman's Wharf area of Macau under a gaming license owned by SJM Holdings Limited, and declared in a follow-up filing that it has begun negotiations with the second company on the future of The Landmark Hotel and Pharaoh Palace Casino.
"Currently, the Company has been approached and negotiated by an independent third party, a potential buyer, on the potential disposal of the property and remains positive on the disposal," the filing said, adding that "the disposal is expected to be completed soon after the potential buyer has completed due diligence and obtained the necessary regulatory approvals in Macau and Hong Kong."
In August, Macao Legend Development Limited, led by former Macau lawmaker David Chow Campai, reported an interim loss of about $22.6 million in the six months to the end of June, more than double the $8.8 million deficit reported in the same period in 2015.
But the news isn't all bad, as Macau Legend Development Limited completed its acquisition of the Saban Vegas hotel and entertainment complex in Laos earlier this month after paying $42 million in May. Casino, hotel and resort full service contracts also include 50-year gaming exclusives to three Southeast Asian states, including the largest Sabanackett province, which forms part of the border with Thailand.