Last Friday the exclusive sales agent representing the Government of the Lao People’s Democratic Republic San Marco Capital Partners (SMC) revealed the results of the qualification process for bidders interested in taking over the Savan Vegas Hotel and Entertainment Complex in the country.
The sale process of the property was announced on 19th of October, 2015 and potential investors were given a set period of time to express interest and provide qualification materials such as financial capability and operational expertise. After all such companies were reviewed, only six have been shortlisted and those include Silver Heritage Ltd, a Hong Kong-based casino operator; a Nasdaq-listed investor Iao Kun Group Holding Co Ltd; a French casino operator Groupe Lucien Barrière; Macau Legend Development Ltd, another casino services company based in Hong Kong; RGB (Macau) Ltd and the American investment company PGP Investors LLC.
All these firms are given until 10th of May, 2016 to place their bids to purchase and operate the gaming complex. After the bidding period is over, all offers will be opened in a public ceremony held in Vientiane, Lao PDR. The highest bidder will be pronounced the winner and will be given the Savan Vegas’ assets as well as a concession agreement to operate it in the next 50 years.
The complex includes “a full service casino, a hotel and numerous entertainment and leisure offerings,” stated SMC during their Friday’s press release. Before the Laos government seized control of the property and appointed an interim management team, the establishment was operated by Sanum Investments Ltd and Lao Holdings NV.