Macau casino operator Sands China Ltd has terminated an agreement with mainland China developer Lander Real Estate Co Ltd to co-develop sporting events. The deal, signed on June 3 and announced a few days later, had been described as “a long-term strategy partnership”.
The termination was confirmed in a statement from Lander Real Estate dated June 19. The mainland China developer said it had received a letter from a subsidiary of Sands China stating the intention to terminate the agreement, which was accepted “based on the principle of mutual respect”.
The statement did not explain why the casino operator requested to terminate the agreement. Asked on Monday by GGRAsia about the reasons for such termination, Sands China said that at this stage it “has no further comments to add”.
When the companies announced the deal, Sands China said the partnership would see both companies “co-developing major sports offerings together, especially boxing events”.
Lander Real Estate had established a broadcasting company in Macau earlier this year to distribute major sports events to wider audiences, especially in mainland China.
The real estate developer said the termination would not generate debt or have an impact on the company’s operations.