Mr David Chow Kam Fai, chief executive of Macau Legend Development Ltd has confirmed that the Landmark Macau casino Hotel had completed the sale of 100% of the equity and that was according to a Friday filing to the Hong Kong Stock Exchange. On 29th March, the Macau Legend had announced that the completion of the sale transaction would be delayed and additional time was needed for the company to fulfill the deal conditions. The sale of the property was expected to accrue a profit before tax of approximately USD420.50 million (HKD3.30 billion) which was calculated based on net liabilities value, purchase price as well as carrying amount of the sale loan of New Macau Landmark Management as of 31st December, 2017. Both the buyers and sellers had agreed that all income generated by New Macau Landmark Management until 27th April inclusive would belong to the sellers and thereafter belong to the buyers. A few days after the announcement, Mr Chong Sio Kin, the new majority owner of the property under the deal said that he aimed to enhance the gaming services at the venue.
Under the new set of technical standards for setting up smoking lounges inside the casinos, the Macau casino Hotel Ponte 16 has become the first property to have a smoking lounge approved by the Macau’s Health Bureau authorities. All existing smoking lounges will require to be issued with fresh authorization in order to continue operating. Any existing casino lounges after 1st January, 2019 are found to be in operation without the necessary technical upgrades and fresh authorizations from Macau’s authorities will face a fine up to MOP200,000 (USD25,000).