Laos extends deadline on Macau Legend deal for troubled Savan Vegas casino

The deadline for casino services firm Macau Legend Development’s $42-million deal to operate the disputed Savan Vegas Hotel and Entertainment Complex.

In a filing, the Hong Kong-listed company announced that the government of Laos has “agreed to extend the long stop date” for the so-called Initial Project Development Agreement from July 31 to August 31, 2016, with an option to automatically further extend to September 10 or earlier if necessary.

Macau Legend announced back in May that it has received the Laotian’s government’s approval to operate Savan Vegas as well as the right to a 50-year monopoly on casino operations in three provinces of Laos, including the area where Savan Vegas is located. A concession license for the 50-year monopoly will be issued under the Revised Project Development Agreement, the company said in a separate filing on Monday.

The second agreement will allow Macau Legend’s Laos-registered project company to “engage in concession activities, lease the project area, and engage in the operation and management of the project.”