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Macau Legend eying Laos, Cambodia, Vietnam expansion – IAG

Asian casino operator Macau Legend Development Ltd is looking to expand its current portfolio further into Laos and potentially through Cambodia and Vietnam, according to Executive Director Sheldon Trainer.

Currently preparing the site of its Savan Resorts property in Savannakhet, Laos – which Macau Legend purchased for US$42 million in 2016 – for Phase 2 development, Trainer told reporters at G2E Asia on Tuesday that the company was “in negotiations with the government to do a couple more projects in Laos, so we’d like to really figure out how to grow more there.

“It would be separate properties and we’ll see how that plays out. We’re happy with what we have now but if we can do more we’d be interested,” he said.

Macau Legend has previously stated it would be willing to spend up to US$500 million more in Laos, having already undertaken a major redevelopment of Savan Resorts since purchase. Trainer added that Phase 2 development, set to fully begin sometime in 2020, will include 40 VIP suites, new gaming, an entertainment center with golfing facilities “similar to Topgolf” and other non-gaming amenities of a “really high quality.”

“It’s not going to be Wynn standard but it would be MGM or Melco standard for Macau,” he explained.

Trainer also revealed that the company is currently executing the purchase of land near Siem Reap in Cambodia and is studying the Vietnam market for future opportunities.

In Cambodia, Trainer described the land as “a very large bank of land. Land aggregation is not easy in Southeast Asia but they’re going to build a new airport in Siem Reap and we’re close to it. It’s a good location.

“When we first announced our interest there someone came out and said there is no gaming in Siem Reap but we’re 50 kilometers from Angkor Wat.

“I think Siem Reap tourism generally is good but we can do that project without a casino. If we get a casino, fine, but we could also pick up an asset somewhere else. There are 140 casinos in Cambodia and there will be 150 tomorrow.”

Macau Legend owns and operates the Macau Fisherman’s Wharf precinct on the Macau peninsula, which includes Legend Palace and Babylon Casino plus hotels and non-gaming facilities.

The article "Macau Legend eying Laos, Cambodia, Vietnam expansion - IAG" was originally published on https://www.asgam.com/index.php/2019/05/22/macau-legend-eying-laos-cambodia-vietnam-expansion/