Gaming | Deadline for disputed Savan Vegas casino extended

The sale of the troubled Savan Vegas Hotel and Entertainment Complex to Macau Legend Development has been extended to the end of August.
As cited in Macau Legend’s filing to the Hong Kong Stock Exchange, the government of Laos has “agreed to extend the long stop date” for the Initial Project Development Agreement from July 31 to August 31.
In addition, the agreement will automatically be renewed to September if “any of the [present] conditions are unable to be satisfied.”
Macau Legend Development is set to pay USD42 million due to posting several delays for the purchase, as noted in its Agreement with Lao government on May 13.
Macau Legend announced in May that it has received the Lao government’s approval to operate Savan Vegas, along with a right to a 50-year monopoly on casino operations, in three provinces of Laos.
In a separate filing on Monday, the company announced that a concession license for the 50-year monopoly will be issued under the Revised Project Development Agreement.
Under the second agreement, Macau Legend will be allowed to “engage in concession activities, lease the project area, and engage in the operation and management of the project.”