Macau casino services company Macau Legend Development Ltd said in a filing on Tuesday that it is finalising discussions with the government of the island nation of Cape Verde to develop and operate a casino resort there. The country is located close to the northwest coast of Africa. Macau Legend plans to invest about EUR250 million (US$273.6 million) in the casino scheme, it said in a filing.
The company added it expects to sign what it referred to as definitive investment agreements on Wednesday, after the close of the Hong Kong Stock Exchange. “A further announcement will be made by the company after the agreements have been signed,” it added.
Construction of the casino resort – planned for an ocean front plot between Gamboa beach and Santa Maria islet – is expected to start next year, according to Cape Verdean media reports. The project will include luxury hotels, conference centres, a casino and a marina.
David Chow Kam Fai (pictured), Cape Verde’s Honorary Consul for Macau, is the co-chairman and chief executive of Macau Legend. Mr Chow has previously expressed interest in developing a casino resort in Cape Verde.
Macau Legend developed and operates Macau Fisherman’s Wharf, a waterside development that is currently being expanded on Macau peninsula. The firm runs two casinos in Macau: Babylon Casino at Fisherman’s Wharf; and Pharaoh’s Palace Casino at the Landmark Hotel, also on Macau peninsula.
Cape Verde’s Minister of Tourism, Investments and Business Development, Leonesa Fortes, is currently in Macau. She will be attending a cocktail reception at Landmark Hotel on Wednesday afternoon.
Macau Legend issued a profit alert on Friday, flagging a loss for the first half of the year.
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Vitaly Umansky, Louis Li and Shirley Yang
Analysts at Sanford C. Bernstein