Macau Legend flags wider 1H loss amid Covid-19
Casino services and hotel-operating firm Macau Legend Development Ltd expects to record a consolidated loss of approximately HKD490 million (US$63.2 million) for the first half of 2020, compared with nearly HKD107.5-million loss in the prior-year period.
The company filed a profit warning to the Hong Kong Stock Exchange on Thursday following a “preliminary review” of the group’s unaudited consolidated management accounts.
Macau Legend runs the gaming and tourism complex Macau Fisherman’s Wharf (pictured) in Macau peninsula, which has two gaming venues and three hotels. Outside Macau, the company operates the Savan Legend Hotel and Casino in Laos, in Southeast Asia.
In Thursday’s filing, the company said that the nearly 358-percent increase in its first-half loss was primarily due to a “significant decrease” in revenue as a result of the “social distancing measures and travel restrictions imposed by the authorities” in response to the Covid-19 pandemic.
Macau Legend said such measures had resulted in a “severe decline” in the tally of visitor arrivals to Macau and Laos in the first half of 2020.
The company’s board is scheduled to meet later this month to approve the firm’s results for the first six months of 2020.
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