Hong Kong-listed Macau Legend Development Ltd has completed the planned disposal of its Lao casino resort, the company said in a filing on Thursday.

Training at Saban Legend Resort (file photo) in Savanachet, Laos, has been postponed several times since February, according to previous company filings. 바카라사이트

Macau Legends said in its announcement on Thursday that the deal had all the necessary approvals from the Lao government, allowing the agreement to move forward.

According to Macau Legends, the disposal was completed on May 16. Macau Legends no longer holds a stake in Saban Legends, it added.

The sale of Saban Legends was announced in June 2023 for a total of $45 million, referring to a letter of intent with the prospective acquirer. The acquirer was identified as an independent third party, described as an individual named Yoshinari Sunghoon, "currently a Japanese citizen residing in Japan."

Macau Legends said in a December filing that it would sell its entire stake in Saban Legends at an "initial price" of $39 million, as agreed with litigant Yosinari. At the time, the group said it expected pre-tax profit on the disposition to be around HK$47 million (US$6 million).

Macau Legends could soon divest its other business assets outside of Macau. Over the weekend, there were reports that the government of island nation Cape Verde was in talks with the company to withdraw Verde's concession to develop and operate a casino resort in the West African country.

Macau owns a tourist complex called Macao Fisherman Wharf, a waterfront area close to the outer port ferry terminal of the Macao Peninsula. The location is home to a casino called Legend Palace, promoted by Macao Legend under a so-called service agreement with SJM Holdings, a Macao licensee.

Macau Legends posted a net loss of HK$4.9 million in 2023, according to its annual results filed on March 28.