GGRAsia – Macau Legend to invest in project in Portugal: report

Macau Legend to invest in project in Portugal: report

Jul 04, 2016 Newsdesk Latest News, Top of the deck, World

Macau-based casino services firm Macau Legend Development Ltd is to announce later this week a new investment project in Portugal, reports Rádio Macau.

The investment includes what the media outlet described as an “integrated resort” with hotel, residential and retail facilities, and a marina. It is to be located in Setúbal, south of Portugal’s capital Lisbon.

The report added that Macau Legend – led by businessman David Chow Kam Fai (pictured) – and the municipality of Setúbal would sign a memorandum of understanding on the project on Thursday.

The project has a price tag of more than EUR200 million (US$222.7 million). Rádio Macau’s report did not mention plans for gaming facilities: it did state that Macau Legend wanted to associate is project with tourism developments in nearby holiday hotspot Tróia. There is currently a casino in Tróia.

Macau Legend began construction in February of a EUR250-million casino resort in the African island nation of Cape Verde. The firm is also in the process of acquiring the Savan Vegas Hotel and Entertainment Complex in Laos in Southeast Asia.

Macau Legend runs two casinos in Macau: Babylon Casino at Macau Fisherman’s Wharf; and Pharaoh’s Palace Casino at the Landmark Macau; both on Macau peninsula. The casinos are operated under the casino licence of Macau gaming operator SJM Holdings Ltd.

Macau Legend meanwhile announced last week that Chan Kin Man had resigned as executive vice president and chief financial officer of the firm “to pursue other career aspiration[s]”. Laurence Yuen Chin Yau was appointed as his replacement from July 1.

According to a filing to the Hong Kong Stock Exchange by Macau Legend, Mr Yuen “has over 24 years of experience in accounting, financial management, asset management and regulatory compliance”. The profile of Mr Yuen featured in the document made no mention as to whether he had any previous professional experience in the gaming sector.