Hong Kong-listed hotel and leisure services business Macau Legend Development Ltd says it expects to record a loss of nearly HKD1.57 million (US$200.0 million) for full-year 2025. That compares with a HKD623-million loss in the prior year, according to a Tuesday filing.
Macau Legend owns a tourism complex known as Macau Fisherman’s Wharf (pictured), on 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.
Casino 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.
In Tuesday’s filing, Macau Legend said the expected increase in loss for 2025 was primarily attributable to, among other factors, the recognition of a “significant impairment loss” of about HKD1.18 billion during the reporting period, as compared to HKD376 million in 2024.
The impairment was related to a “change in fair value of property and equipment and right-of use assets” in relation to the Macau Fisherman’s Wharf complex, “as a result of the non-renewal of service agreement” with the SJM group, Macau Legend stated.
During 2025, Macau Legend also recognised a “provision of approximately HKD71 million” related to employees’ compensation and benefits, including long service payments, as a result of the termination of the service agreement with the SJM brand.
In January, Macau Legend raised approximately HKD93.0 million via a rights issue, with the aim of enhancing the company’s capital structure and providing flexibility for future corporate actions. The proceeds were to be used as working capital.
