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Fortuna Pays for Macau Casino Stake

MACAU – As reported by the China Standard: "After teasing shareholders for two months with the possibility of a Macau gambling investment deal, Fortuna International Holdings has at last announced a HK$50 million agreement to take a 30 percent stake in a casino hotel in the territory.

"Fortuna unveiled its aims on the Grand Hotel, a vintage property near the city's central square that closed five years ago.

"…The renovated New Grand Hotel will have 50 guest rooms and include a casino with 14 public gaming tables and six tables in a VIP room.

"Fortuna said the price of its stake in the venture represents a 40 percent discount to its independently appraised value to reflect the chance of other hotels and casinos opening in the immediate area and the possibility that Macau might grant more casino operating concessions.

"…The 30 percent stake in New Grand that Fortuna is acquiring represents half of Lam Po-ying's interest in the project. Fortuna will pay Lam a mix of shares and cash to be determined later, but the deal stands to make her the second-biggest shareholder in Fortuna…"

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