Landmark Macau hotel and casino complex to sell for $590m

Macau Legend Development has plans to sell its Landmark Macau hotel and gambling complex in China for $590 million.

The buyers are a consortium of four real estate entities, Dong Lap Hong Property Investment Co., Tong Lap Tak Real Estate, Tong Hong Wan Real Estate, and Tong Tak Cheng Real Estate.

Dong Lap Hong Property Investment Co. will won 58 percent of the property while 20 percent will be owned by Tong Lap Tak Real Estate, 17 percent by Tong Hong Wan Real Estate, and 15 percent by Tong Tak Cheng Real Estate.

The Hong Kong-listed firm announced its intention to sell a 100 percent interest in the 862,501 square-foot Macau property. The property consists of Pharaoh’s Palace Casino and a five-star, 439-room hotel, to a group of investors in a bid to streamline its operations.

The deal needs to be approved by the local casino regulator, the Gaming Inspection and Coordination Bureau.