The CEO of leading Macau junket Tak Chun Group has become one of the largest shareholders in casino operator Macau Legend Development Ltd.
Chan Weng Lin, better known as Levo Chan, acquired a 20.65% stake in Macau Legend last Friday 11 September through his wholly-owned investment firm Perfect Achiever Group Ltd in a deal worth around HK$1.28 billion (US$165.2 million). Details of the transaction were made public via the Hong Kong Stock Exchange on Tuesday, pending release of an official announcement.
According to its updated list of shareholders, Chan now controls a 20.75% stake in Macau Legend including almost 0.11% he already held.
Macau Legend operates casinos at Macau’s Legend Palace and Babylon under license from SJM, both located within the company’s Macau Fisherman’s Wharf precinct. It also owns Savan Legend in Laos and a shopping complex in Hengqin.
Chan is now the second largest single shareholder in Macau Legend behind long-time Chairman David Chow and CEO Melinda Chan – the husband and wife team who hold a mutual 29.89% interest. Chow handed the CEO reins over to Melinda in March of this year.
The sale of such a substantial stake in the company comes after it recorded a loss of HK$550.2 million for the six months to 30 June 2020, widened from a loss of HK$107.5 million over the same period in 2019 due to a slowdown of business from COVID-19.
Macau Legend had suspended trading on the HKSE early Monday.