In Macau, hotel and gaming operator China Star Entertainment Limited has reportedly completed the sale of the entirety of its interests in the Hotel Lan Kwai Fong to local businessman Chan Meng Kam for a total consideration of $256.2 million.
According to a report from GGRAsia, the 209-room Hotel Lan Kwai Fong features a selection of shops along with a spa, a restaurant and a casino offering some 65 slots and 84 gaming tables operated under a gaming license held by SJM Holdings Limited.
The sale was first reportedly announced in October after Chan had made an initial non-refundable payment for the downtown property worth approximately $25.5 million subsequent to the remainder of the purchase price being received by China Star Entertainment Limited on Wednesday.
“The board is pleased to announce that the completion took place on January 3,” read a statement from Hong Kong-listed China Star Entertainment Limited. “The remaining balance of the sale price in the amount of $230.7 million has been fully paid in cash.”
GGRAsia reported that the casino inside the Hotel Lan Kwai Fong represented China Star Entertainment Limited’s sole gaming interest with the firm purportedly explaining that the sale will lead to it recording a net gain of approximately $184.1 million.
For his part, Chan is reportedly a former legislator in Macau and currently serves as Chairman for the privately-held Golden Dragon Company Limited, which was already responsible for a trio of casinos in the former Portuguese enclave including the gaming facility at the Hotel Golden Dragon. His firm moreover opened the nearby Casino Royal Dragon in late-September under an agreement with SJM Holdings Limited while it additionally utilizes a license from Melco Resorts and Entertainment Limited to run its casino inside the city’s Hotel Taipa Square.