Get Nice and Macau Prime pay HK$1.5b for 50pc of new Macau casino resort
A group of investors led by Hong Kong-listed Get Nice Holdings and Macau Prime Properties agreed to a HK$1.54 billion deal for a 50 per cent stake in the newly opened HK$3.2 billion Grand Waldo casino resort from major Macau VIP gaming room operators Cheng Kwee and Yeung Chi Hang.
The deal dilutes the interest of minority investors Galaxy Entertainment and Daido Group.
On completion of the transaction, disclosed yesterday by Macau Prime in an announcement to the stock exchange, Get Nice will have an indirect 25 per cent stake in the three-building Grand Waldo complex, Macau Prime will hold 20 per cent and businessman Cheung Chung Kin 5 per cent.
The sale values the resort complex and underlying land at HK$2.5 billion, but the buyers will pay Mr Cheng and Mr Yeung HK$988.5 million, while shouldering HK$550 million in outstanding zero-interest debt owed to the pair.
The transaction involves a 50 per cent stake in the resort held by offshore holding companies Fast Profit and Topmore, which combined own the Grand Waldo's 168-table casino, 318-room hotel, a spa centre and the underlying 394,000 square foot plot of reclaimed land on Macau's Cotai Strip.