Casino hotel Legend Palace – the latest property from Hong Kong-listed casino services firm Macau Legend Development Ltd – is to open on February 27, company co-chairman and chief executive David Chow Kam Fai told Macau media on Saturday.
Mr Chow previously told GGRAsia that the 223-room Legend Palace (pictured) would launch with up to 66 live-dealer gaming tables, with at least 46 of them earmarked for mass play.
Speaking to media on the sidelines of an event on Saturday, the businessman – a former Macau legislator – said he had hoped that – under the Macau government’s table cap – his company could have obtained 30 new-to-market gaming tables for Legend Palace. As a gaming services business, Macau Legend does not hold Macau table quota in its own right, but instead must rely on the quota of one of the existing Macau casino operators. It currently collaborates with SJM Holdings Ltd.
The Macau government said last week it was granting 15 new-to-market gaming tables – all earmarked for mass play – to the new hotel.
The newly-granted gaming tables, plus the reassignment of gaming tables from other Macau Legend properties, should “suffice” for Legend Palace’s operations, Mr Chow remarked to media on Saturday.
Legend Palace is the second new hotel under a redevelopment plan for Macau Fisherman’s Wharf. The first, Harbourview, opened in February 2015 but does not have gaming.
Work on the third new hotel under the Macau Fisherman’s Wharf revamp – the 500-room Legendale Hotel – has not yet started. The firm is awaiting government approval regarding the proposed height of the property, it said in its 2016 interim report.
Macau Legend currently runs two casinos in Macau: the Babylon Casino at Macau Fisherman’s Wharf and Pharaoh’s Palace Casino at the Landmark Macau casino hotel. The company currently has 179 gaming tables.
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"VIP growth [in Macau] is roaring back on the heels of last year’s economic stimulus – but we think this could stall once the effect of the stimulus and the Chinese housing bubble wears off – as it did in 2013-14"
Cameron McKnight and Robert Shore
Analysts at Wells Fargo Securities