Hotel and casino services firm Macau Legend Development Ltd says it is “seeking legal advice” after the Cabo Verde government last week completed the takeover from Macau Legend of the latter’s stalled casino resort project in Praia, the capital of the West African island nation.
The firm confirmed the asset takeover in a Tuesday filing to the Hong Kong Stock Exchange, adding that the group had “not agreed to it”.
Macau Legend said it had been notified on January 15 by the Cabo Verde government of its intention to take possession of the assets the following day.
“The Cabo Verde government requested the company’s presence to facilitate a voluntary handover,” the firm said in its Tuesday update. “Having determined that this request lacked any legitimate basis, the company had not agreed to it.”
Macau Legend added that, “disregarding the company’s objection to the voluntary handover, the Cabo Verde government took possession of the assets” by entering the premises.
The firm noted that, in its board’s opinion, the asset takeover should not “have a material adverse impact on the operation or financial performance of the company”, as Macau Legend had “fully impaired” the carrying amount of the assets in its 2024 annual report.
The Cabo Verde government terminated Macau Legend’s concession to develop and operate the casino resort project in November 2024, but only took over the assets last week.
When terminating the concession, the authorities said the company had “flagrantly and repeatedly” breached its obligations regarding the project’s timeline and investment commitments.
Macau Legend’s casino resort project (pictured in an artist’s rendering) was to be located on a 152,700-square-metre (1.6 million sq ft) plot of land on Santiago Island.
Macau Legend officially began construction in early 2016 on what was described at the time as a EUR250-million project (US$290.6-million at current rates). The Cabo Verde scheme was to include luxury hotels, a casino, a conference centre and a marina.
Macau Legend owns a tourism complex known as Macau Fisherman’s Wharf, a waterfront area close to the Outer Harbour Ferry Terminal on the Macau peninsula. The venue previously housed a casino called Legend Palace, promoted by Macau Legend under a services agreement with Macau gaming operator SJM Holdings Ltd.
Legend Palace ceased operations on November 12, 2025, as part of a broader policy drive to eliminate the traditional satellite casino management model from the Macau gaming market by the end of 2025.
Macau Legend reported a net loss of nearly HKD1.42 billion (US$182.3 million) for the first half of 2025, mainly due to an impairment loss of just over HKD1.27 billion related to its satellite gaming operation.
