Cape Verde gives Macau Legend “last chance” to propose casino solution
The minister for internal affairs says the the company has pledged to put forward an alternative proposal for the long-delayed project.
Cape Verde.- The minister for internal affairs, Paulo Rocha, has said that the government will give a “last chance” to Macau Legend Development (MLD) after it promised to propose an alternative for the unfinished hotel-casino in Praia.
According to the news agency Lusa, Rocha said: “The developer has had several opportunities and has this last chance. It says it will have an alternative and the government is waiting for that alternative to be presented, even while the process of reversing the project is underway.”
The minister said that the Cape Verdean government had given the company 60 days to present a new proposal to complete the project. “If it doesn’t present a proposal within the timeframe given, the reversion process will be finalised and then the government will look for other, probable, possible investors,” he said.
Rocha noted that work has been stopped for a long time, and that the project is only half finished. “There’s practically no movement on that building site, and the government wants to see it resolved. One way or another,” he said.
In November, MLD announced plans to challenge the Cape Verde government’s decision to terminate its casino development contract. The government alleged contractual violations by MLD on the long-delayed development of a US$264.7m integrated resort.
The government said it had given MLD multiple opportunities to restart construction, sell its shares, or transfer its contract to an interested party. However, the company reportedly failed to present viable solutions. MLD was also accused of breaching gaming regulations by transferring more than 20 per cent of its share capital without prior approval.
An agreement was signed in 2015 by Macau businessman David Chow and groundbreaking took place in February 2016. The Santa Maria islet has been partially excavated, and a short asphalted bridge has been built linking it to an eight-storey building that remains vacant.
