Macau hotel and satellite casino services firm Macau Legend Development Ltd confirmed for first-half 2025 a major loss as it had flagged earlier this month. Its loss was nearly HKD1.42-billion (US$182.3-million currently).
The group had an impairment loss of just over HKD1.27 billion. That related to its satellite gaming operation, it stated in its half-year results filed on Friday with the Hong Kong Stock Exchange.
Macau Legend currently operates the waterfront gaming and leisure complex, Macau Fisherman’s Wharf, on Macau peninsula. It presently promotes satellite gaming business at Casino Legend Palace (pictured), relying on the rights of SJM Resorts Ltd.
Macau Legend noted in its Friday filing: “On 9 June 2025, SJM [Resorts] made an announcement that SJM had decided not to continue gaming-related operations at seven satellite casinos, including Legend Palace Casino located at the hotel of Macau Fisherman’s Wharf, upon the expiry of the relevant service agreement on 31 December 2025.”
The firm added: “The group’s gaming-related operation in Macau will be discontinued,” and “classified as a discontinued operation”.
The group’s first-half revenue was down 7.6 percent year-on-year, at HKD168.1 million. First-half adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) were just under HKD34.7 million, down 67.5 percent year-on-year.
The group noted in its Friday report, that it had net current liabilities of approximately HKD2.56 billion as of June 30.
Its total bank and other borrowings were nearly HKD2.40 billion, due for repayment within the next 12 months from the end of the reporting period or “on demand”. Macau Legend’s cash and bank balances amounted to HKD21.7 million as of June 30. Its net assets were valued at just under HKD1.62 billion.
The firm’s half-year report reiterated the “going concern” warning issued at the time of its full-year 2024 results.
