Emperor International Holdings Limited, through subsidiary Emperor Entertainment Hotel Limited, announced it was increasing its stake in the operator of Macau’s Grand Emperor Hotel.

According to a filing with the Hong Kong Stock Exchange, Emperor Entertainment will be purchasing the 15% stake in Luck United, indirectly non-wholly owned by Emperor Entertainment, for a total of HKD460 million ($58.7 million), from Big Wheel Limited.

HKD138 million ($17.6 million) has been paid to Big Wheel, with the remaining HKD322 million ($41.1 million) to be paid upon completion of the sale.

“Upon Completion, the Purchaser will hold 75% equity interest of Luck United and the financial information of Luck United shall continue to be consolidated into the consolidated financial statements of [Emperor Entertainment],” the statement read.