Savan Vegas, Laos Receives Better Offer From Consortium

Savan Vegas Casino LaosIn Laos, a new bidding proposal has been made for Savan Vegas Hotel and Entertainment Complex.

European-Asian Consortium is the entity that has made the offer. This entity represents many state-of-the-art and exceptionally large casino operators around the world. Initially, Laos Government had made plans to sell casino resort by means of a competitive sales process at the start of this year.

For this, it had selected 6 different proposals but unfortunately, the plan did not work. It is so because the tender process was cancelled for one of the shortlisted companies.

In May 2016, Macau Legend Development Ltd which is a casino operator based in Macau made an announcement that it is going to enter into an agreement with Laos Government for making a purchase of San Vegas Casino Resort for a whopping cost of $42 million. The agreement also states that the company will have rights for fifty-year casino monopoly in 3 Laos provinces.

Savan Vegas was situated at one of the 3 provinces of Laos. The deal was not closed in due date and has been postponed until 31st of August. The company states that the negotiation process is still on the way and has not been completed yet. As a result, there might be a delay in closing the deal and it may extend until 10th of September this year.

Savan Vegas Hotel & Entertainment Complex, Laos

The proposal of the consortium is far better and attractive as compared to that of Macau Legend. The Consortium’s proposal is going to include a cash payment of 60 million US dollars, tax payments guaranteed for 50 years for an amount of $220 million and infrastructure expansion investment worth $120 million. However, the proposal of the consortium comes with a clause that it would want a complete monopoly for a time period of 50 years in 3 countries.

Werner Kubesch who is the lead businessman of the consortium said that the company was not shortlisted this year even though it was a part of the sale process for the property of Savan Vegas.

Mr Kubesh said in a statement:

We are aware Macau Legend has been selected, but with deadlines already missed, we hope our counter-offer, which is substantially more beneficial to the Lao government, will be considered favorably, Our consortium is backed by one of the largest hospitality groups in the world, a well-known European based, but globally active casino operator and strong financial partners with extensive regional expertise.

Werner further said that the bidding time was pivotal because they were acquainted with the deadlines for agreement closing between Government of Laos and Macau Legend were missed. He stated that the counter offer of the consortium is far more beneficial and attractive for the Government of Laos.

Macau Legend is looking forward to getting approval from the shareholders for acquiring Savan Vegas casino cum hotel. For this, it will organise a general meeting at the end of this week. A company’s spokesperson has said that the discussions of Macau Legend with the Government of Laos regarding casino are in smooth progress and on track.

Jay Stevens

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