Macau hotel and satellite casino services firm Macau Legend Development Ltd says it expects record a loss of circa HKD1.42 billion (US$182.2 million) for the first six months of 2025. That compares with a HKD109.9-million loss a year earlier.
Macau Legend currently operates the waterfront gaming and leisure complex, Macau Fisherman’s Wharf, on Macau peninsula. It presently promotes satellite gaming business at Casino Legend Palace (pictured), relying on the rights of SJM Resorts Ltd.
The company said on Tuesday that the increase in loss was mainly attributable to the recognition of a “significant impairment loss” of just under HKD1.29 billion in the value of Macau Fisherman’s Wharf.
That was because of the “non-renewal of service agreement” with the SJM group upon its expiry on December 31, 2025, Macau Legend said in a filing to the Hong Kong Stock Exchange.
Macau Legend will have to close Casino Legend Palace by year end. That was after the SJM brand decided not to continue to run the venue once the full effect of new satellite regulations take effect on January 1, 2026.
The impending change follows a three-year grace period to allow for satellites and gaming licence holders to transition to a management fee model if they so wished.
In its Tuesday filing, Macau Legend said that excluding the impact of the impairment loss and related deferred tax effect, the loss for the six months to June 30 this year was expected to increase by about HKD23 million – or circa 21 percent – from the prior-year period.
That was “mainly due to the decrease in adjusted EBITDA [earnings before interest, taxation, depreciation, and amortisation] from gaming related operation by approximately HKD30 million,” stated the firm.
In the first half this year, group-wide revenue is expected to decrease by 12 percent from a year ago, “mainly attributable to the decrease in revenue from gaming related operations,” said Macau Legend.
According to Macau Legend, a previously-announced share consolidation exercise became effective on August 1, with every 10 existing shares being consolidated into a single share.
The firm previously said the aim of that move – and enlargement of its board lot size – was to increase its share price and to facilitate trading activities.
