Legend Palace Hotel – the third hotel built within Macau Fisherman’s Wharf – is expected to start trial operations by mid-January, co-chairman and chief executive of casino services firm Macau Legend Development Ltd, David Chow Kam Fai, told Chinese-language news outlet Macao Daily News. Mr Chow said he hoped to have the property up and running before the Chinese New Year holiday.
The Chinese New Year holiday is typically a busy period for Macau’s casinos, as thousands of mainland Chinese visitors flock to the city to test their luck for the New Year. The next Chinese New Year holiday period starts on January 27; Mainland Chinese enjoy a seven-day holiday break during the festival.
Mr Chow added that Legend Palace Hotel – to feature an in-house casino – was currently undergoing the process of various government inspections, Macao Daily News reported on Monday.
The news piece featured no details on the gaming component of Legend Palace Hotel. A July media report also quoting Mr Chow stated that Macau Legend planned to have “80 to 120” gaming tables at the new property. The company would move some gaming tables from its existing operations and would also apply for new tables, Mr Chow reportedly said at the time.
As a gaming services business, Macau Legend does not hold table quota in its own right, but instead must rely on the quota of one of the existing Macau casino operators. It currently collaborates with SJM Holdings Ltd in relation to table quota.
Legend Palace Hotel is the second new hotel under a revamp plan for Macau Fisherman’s Wharf (pictured in an artist’s rendering), after Harbourview Hotel, opened in February 2015. The new property will feature 223 rooms, Macau Legend said in its latest interim report filed in September.
The company plans to expand its self-run VIP gaming business to Legend Palace Hotel once the property is open, according to Macau Legend’s interim report.
Sep 18, 2020Macau gaming could recover more quickly than casino play in Las Vegas, Nevada, in the United States, although the mechanics of Macau’s comeback were “opaque” in terms of mainland...
”Many investors cite Golden Week as a catalyst to significant, sustainable visitation increases and a showcase for profitability for many casinos [in Macau]... However… we are concerned recovery estimates may again be pushed back”
Analyst at Roth Capital Partners