Casino services firm Macau Legend Development has entered into a project development agreement with the Laos government to purchase the Savan Vegas hotel and entertainment complex.

Savan Vegas Source: savanvegas.com

According to a filing from the firm to the Hong Kong Stock Exchange on Monday, the Lao government agreed to sell the project for US$42m.

Last week, electronic gaming machine manufacturer RGB International announced the tender to operate the Savan Vegas Hotel in Laos had been terminated by the Lao government.

The project development agreement will have an initial term of 50 years, commencing on May 13, 2016. There is an option to extend the agreement for an additional period not exceeding 49 years, said the filing.

The agreement allows Macau legend to operate the project’s gaming tables, semi-automated gaming tables and EGMs, either in the casino or in the form of interactive gaming.

Source: Asia Gaming Brief