In the latest in gambling news, Macau Legend Development Limited will be purchasing land in Siem Reap, Cambodia, to build an Integrated Resort (IR). The Macau-based casino operator will buy 1,200 hectares. It states in its filing at the Hong Kong Stock Exchange, Howing Enterprises Co., Ltd, holds the land, and was sold by Wang Jiemin for $90 million. There is also a memorandum of understanding between the two parties, that has been in place since 2014.
Macau Legend to Build More
Macau Legend is known as the operator of popular Macau casinos Babylon and Legend Palace. They also operate the Savan Legend Resorts Hotel and Entertainment Complex in Laos. Their expansion into Cambodia will allow the operator access to the tourism market in Cambodia. This is one of the many expansions in the casino industry announced lately.
Their expansion in Cambodia is just one of the many plans of Macau Legend. There are also plans to expand existing properties in Macau, and to build a casino resort in Cape Verde.
The Cambodian government. Meanwhile, is also looking to maximize the presence of operators in the country. There are currently 60 plus operators operating in the country, and they are working to ensure that the country will be a great place for operators to invest in. The country offers great tax rates, as well as not-so-stringent rules. Both allow investors to prefer investing in Cambodia over other neighboring countries. This also makes Cambodia inviting, and ready to accept tourists from China, other ASEAN countries, and other countries as well.
Macau Legend’s IR is not the only IR for development in the country. There are at least two other IRs in the Sihanoukville province in the works. Amax International Holdings will partner with Cheung Shing Global Travel Entertainment Ltd. Sun City Group Holdings Limited will also partner with Golden Sun Sky Entertainment Co., Ltd., and will build their own IR as well.