Macau-based gaming operator Macau Legend Development Ltd says it is working with the owner of 1,200 hectares of land in Cambodia’s Siem Reap Province on “amicable solutions” after failing to settle a 2018 purchase agreement.
Under the terms of the agreement, which subsequently saw the Long Stop Date extended twice, the two parties had until 26 June 2021 to complete the transfer of ownership but Macau Legend said in a Monday filing that they had failed to do so and the company “is now negotiating with the Seller for amicable solutions”.
Macau Legend had originally announced its intention to purchase the land by acquisition of a 100% stake in a company called Howing Enterprises Co Ltd. The US$90 million transaction would have seen Macau Legend acquire Howing and several plots of land totaling 1,200 hectares which were to be used for development of an integrated resort.
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