Gaming revenues fall 67% at Macau Legend

Losses after tax were worse than expected, hitting US$70.9 million for the first half.

Macau.- Macau Legend Development has posted revenues of HK$364 million (US%46.9 million) for the first half of 2020, down 66.3 per cent from HK$1.08 billion (US$139.4 million) in the same period in 2019.

The gaming group posted losses after tax of HK$550.2 million (US$70.9 million), worse than the company anticipated in its last warning to investors.

Adjusted EBITDA for the six months ending June 30 was HK$215.1 million (US$27.7 million), 242 per cent less than in the same half of 2019.

Gaming-related operations for the period provided revenues of HK$250.3 million (US$32.2 million – down 66.9 per cent year-on-year). Casino operations reported HK$36.7 million (US$4.7 million).

The decrease in gaming revenue was primarily due to the Covid-19 pandemic, the company said.

The company’s directors were hopeful about the resumption of the IVS visas system for Chinese visitors entering Macau and expect the number of tourists to gradually increase.

The group is said to be in the process of negotiation with banks for refinancing its existing outstanding bank borrowings to long-term financing. The directors decided to grant no dividends for the period.

The firm said construction had recommenced on its Cape Verde IR after a delay due to Covid-19 measures.