• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Macau Legend expects annual loss up 85pct-plus for 2017

Feb 15, 2018 Newsdesk Latest News, Macau, Top of the deck  


Macau Legend expects annual loss up 85pct-plus for 2017

Macau casino services firm Macau Legend Development Ltd expects to record an increase of more than 85 percent in year-on-year terms for its consolidated annual net loss regarding full-year 2017.

The group however added – in a filing to the Hong Kong Stock Exchange on Wednesday – that it remained “confident in its current business strategies, and will actively seek opportunities for business expansion so as to maximise value for its shareholders, partners and customers.”

Macau Legend posted a net loss of HKD277.5 million (US$35.5 million) for full 2016. That compared with a loss of HKD268.5 million in the previous year.

The firm said it planned to announce its full 2017 results in March.

Macau Legend stated that the expected increase in net loss was mainly attributable to “an increase in depreciation arising from the operation of Legend Palace Hotel since early 2017; an increase in finance costs due to the cessation of interest capitalisation related to Legend Palace Hotel during the year; and an increase in impairment on property, plant and equipment and a decrease in potential revenue due to Typhoon Hato.”

Legend Palace (pictured) – the latest development from the Hong Kong-listed company – opened to the public in February 2017. The scheme’s casino and hotel operations were suspended for nearly four weeks due to flooding linked to Typhoon Hato, which hit Macau in August. It was the strongest recorded storm in the city for 53 years.

Macau Legend is the promoter of Macau Fisherman’s Wharf, a waterside entertainment zone near the Outer Harbour Ferry Terminal on Macau peninsula. It launched to the public in 2006. Early on, Fisherman’s Wharf launched the Rocks Hotel – which does not have a casino – and a nearby gaming venue with no hotel called Babylon Casino. Since then, the open-air site has undergone extensive remodelling, including a canopy for part of its main avenue.

Macau Legend has so far completed two out of three new hotels planned for a revamp of the site: the Harbourview Hotel, which opened in February 2015 and does not have a casino; and a casino hotel called Legend Palace.

Last November, it was announced the group had reached a deal to dispose of the Landmark Macau casino hotel for a consideration of HKD4.6 billion. Landmark Macau is also located on Macau peninsula, and is an approximately 15-minute walk from Macau Fisherman’s Wharf.

Macau Legend also has moved into operations overseas. It  “formally took over” the management and operation of a casino scheme in Laos with effect from September 2016. The property – previously known as Savan Vegas Hotel and Entertainment Complex – has been rebranded Savan Legend.

In addition, Macau Legend began construction in February 2016 of a EUR250-million (US$311.4 million) casino resort in the African island nation of Cape Verde.


  • tweet
Related articles
  • Tak Chun boss Levo Chan now CEO of Macau Legend
    Tak Chun boss Levo Chan now CEO of...

    Dec 30, 2020  

  • Tak Chun CEO ups to 33pct of Macau Legend, joins board
    Tak Chun CEO ups to 33pct of Macau...

    Nov 25, 2020  

More news
  • Aristocrat to launch EGM-based responsible gaming features
    Aristocrat to launch EGM-based...

    Feb 26, 2021  

  • Suncity to open clubs at Londoner Macao, Lisboa Palace
    Suncity to open clubs at Londoner...

    Feb 26, 2021  


Latest News

Aristocrat to launch EGM-based responsible gaming features

Aristocrat to launch EGM-based responsible gaming features

Feb 26, 2021  

Casino slot machine maker and digital games provider Aristocrat Leisure Ltd says it plans to launch in the first quarter this year a new product with responsible gaming features, which has already...
Read More
Suncity to open clubs at Londoner Macao, Lisboa Palace

Suncity to open clubs at Londoner Macao, Lisboa Palace

Feb 26, 2021  

Tech supplier Crane ups forecast for 2021 core sales

Tech supplier Crane ups forecast for 2021 core sales

Feb 26, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day


US$53.4 million

Adjusted EBITDA reported by Asian casino operator Melco Resorts and Entertainment for the fourth quarter of 2020



Most Popular

  • Macau casino GGR soared in final days of CNY: brokeragesMacau casino GGR soared in final days of CNY: brokerages February 23, 2021
  • Pansy Ho sells off more stock in MGM Resorts for US$36mlnPansy Ho sells off more stock in MGM Resorts for US$36mln February 23, 2021
  • Macau removes last mainland cities from its quarantine listMacau removes last mainland cities from its quarantine list February 23, 2021
  • GEG in US$1.6bln construction deal on Galaxy Macau Phase 4GEG in US$1.6bln construction deal on Galaxy Macau Phase 4 February 22, 2021
  • Macau VIP challenged by changes in China: Galaxy Ent bossMacau VIP challenged by changes in China: Galaxy Ent boss February 25, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us