Macau Legend has announced the purchase of 1,200 hectares in Siam Reap province, home of the Cambodian landmark Angkor Wat, with the intention of constructing an integrated resort.
The deal saw the casino operator acquire the entire issued share capital of private Cambodian firm Howing, which owns the parcels of land, for $90m.
“The acquisition of the land by the group is intended for construction and development of integrated resort in Siem Reap Province, Cambodia,” said a statement from the company.
“[It] allows the group to take part in and benefit from the tourism industry of Cambodia, which is important for the group’s long-term development as well as the broadening of its revenue base.”
The confirmation of the purchase to the Hong Kong Stock Exchange in January follows almost five years of negotiation since an original memorandum of understanding was signed by both companies in June 2014.
At the time, Macau Legend, which also operates the Babylon and Legend Palace casinos in Macau alongside the Savan Legend Resort in Laos, paid the full $90m as a refundable deposit.
The news follows recent reports that a proposed $51.1m Jurassic Theme Park in Cambodia has lost its main investor, Malaysian-based MQ Technology, following the expiration of a memorandum of understanding signed in 2016.
The park, set to be developed and managed by the Cambodian Resort and Entertainment Co. Ltd, would have offered hotels, a theme park and a casino, with MQ Technology granted 70 percent of the joint venture through its subsidiary Star Acres Sdn Bhd.