SJM units to buy L'Arc Hotel owner in $1.75 bln deal from co-chairwoman Leong

Macau casino operator SJM (0880) said on Thursday two of its subsidiaries have agreed to acquire the owner of Macau's L'Arc Hotel from its co-chairwoman Angela Leong On-kei, in a deal worth HK$1.75 billion.

The casino operator said in a filing that SJM Investment and SJM Resorts will buy the hotel from Goldarch Holdings and Solar King Investments. 

The sellers are indirectly wholly-owned by Leong, who is the fourth wife of the late casino magnate Stanley Ho Hung-sun.

Of the total consideration, only MOP 180,000 (HK$173,841.27) is for the acquisition of the company, with the vast majority being used to repay loans owed by L'Arc Hotel, the filing showed.

Leong will also cover a shortfall of more than HK$177 million.