Troubled Macau hotel and satellite casino services firm Macau Legend Development Ltd has raised approximately HKD93.0 million (US$12.0 million) via a rights issue, the company announced on Thursday in a filing to the Hong Kong Stock Exchange.
Macau Legend said that only 49.49 percent of the total number of rights shares offered were taken up.
The untaken rights shares were subscribed for by East Asia Securities Co Ltd and Platinum Broking Co Ltd, acting as co-underwriters of the rights issue. This represents approximately 16.8 percent of Macau Legend’s enlarged issued share capital upon completion of the rights issue.
The company implemented the rights issue on the basis of one rights share for every two existing shares held by shareholders. The offer comprised up to 310,059,356 rights shares, at a subscription price of HKD0.3 per rights share.
The firm said in its Thursday filing that it grossed approximately HKD93.0 million from the rights issue. Net proceeds, after deducting professional fees and other relevant expenses, were estimated at HKD86.4 million.
Macau Legend announced in October last year a proposal for the rights issue, with the aim of enhancing the company’s capital structure and providing flexibility for future corporate actions. The proceeds, it said at the time, would be used as working capital.
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 known as 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.
Last week, the Cabo Verde government 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 said it already had “fully impaired” the carrying amount of the assets in its 2024 annual report.
Macau Legend reported a net loss of nearly HKD1.42 billion for the first half of 2025, mainly due to an impairment loss of just over HKD1.27 billion related to its satellite gaming operations.
