Casino services firm Macau Legend Development Ltd has finally sold its stake in the Landmark Macau hotel casino, bringing an end to a process that has been going on for a couple years.
Last week, David Chow’s Macau Legend informed the Hong Kong Stock Exchange that it had sold its entire stake in its subsidiary New Macau Landmark Management Ltd to a group of investors for HKD 4.6b (US $590m).
The buyers are a consortium of four real estate entities, in which Dong Lap Hong Investment Company controls a 58% stake. Dong Lap Hong is owned by Chong Sio Kin, president of the board of the Macau General Association of Real Estate.
Another Chow subsidiary, Hong Hock Development Company, currently runs the Landmark Macau’s gaming operations. The Pharaoh’s Palace Casino features 17 VIP gaming tables, 60 mass market tables and 141 electronic gaming machines.