In Macau and an entity controlled by local businessman Chan Weng Lin (pictured) has reportedly paid approximately $173 million in order to purchase a 20.65% stake in Asian casino operator Macau Legend Development Limited.
According to a report from GGRAsia, the acquisition was carried out by the junket entrepreneur’s British Virgin Islands-registered Perfect Achiever Group Limited vehicle and involved the acquisition of slightly over 1.28 billion shares at an individual price of at least $0.13. The source furthermore detailed that the arrangement means Chan is now the second largest investor in the Hong Kong-listed casino firm behind only company Co-Chairman David Chow Kam Fai, who remains in the lead courtesy of a 29% stake.
Chan, who is also known as Levo Chan, had already personally held a 0.11% stake in Macau Legend Development Limited, which means that his total shareholding in the firm behind the 223-room Legend Palace Hotel development currently stands at 20.75%.
Macau Legend Development Limited reportedly moreover runs Macau’s Pharaoh’s Palace Casino inside The Landmark Macau hotel along with the nearby Babylon Casino Macau under a gaming licenses held by local casino behemoth SJM Holdings Limited. The operator is additionally responsible for the Savan Legend Hotel and Casino property in Laos and has now temporarily suspended trading in its shares so as to abide by insider trading rules laid out by the Hong Kong bourse.
Some of Macau’s most prominent junket operators had earlier expressed an interest in definitively purchasing the Legend Palace Hotel venue while Macau Legend Development Limited is now expected to issue further details regarding the recent transaction over the course of the next few days.