Asian casino operator, Macau Legend Development Limited, has reportedly announced the signing of a deal which has witnessed it spend slightly over $90 million in order to buy a large plot of land in fundamental Cambodia.
Casino hotel possibility:
According to a report from GGRAsia, the Hong Kong-recorded firm revealed the trade via an official Monday filing whilst also detailing the 2,965-acre package in Siem Reap Province could eventually house an integrated casino hotel branded similar to the brand new 223-room Legend Palace Hotel growth in Macau’s Fisherman’s Wharf district.
Macau Legend Development Limited is also responsible for the Savan Legend Hotel and Casino in Laos and uses a gambling permit held by SJM Holdings Limited to run Macau’s Babylon Casino Macau. It had previously exploited a similar arrangement to operate the former Portuguese enclave’s Pharaoh’s Palace Casino within The Landmark Macau resort.
Read an announcement from Macau Legend Development Limited…
“The acquisition of the land by the team is intended for construction and development of an integrated hotel in Siem Reap Province, Cambodia, allowing the team to share in and profit from the tourism sector of Cambodia, which can be important for the group’s longterm development as well as the broadening of its revenue base. ”
Area ‘ripe’ for growth:
GGRAsia reported the move comes despite a May statement from an unnamed Cambodian government officer that gaming was ‘not permitted ’ in Siem Reap Province, which is home to the nation’s renowned Angkor Wat temple complex. But, Andrew Klebanow from American business Global Market Advisors purportedly stated in June that the largely rural region’s popularity with tourists from mainland China had noticed it become a ‘ripe’ location to get a new gambling institution.