Macau Legend defends financials
An extraordinary general meeting will be held to approve a share consolidation plan.
Macau.- Macau Legend has outlined steps to restructure its bank borrowings, including deferring loan repayments and negotiating facility restructuring arrangements, to address liquidity issues and ensure continued operations.
In the statement, the company clarified that it is not in liquidation or facing any winding-up petitions. It said financial statements reflect a strengthening performance, including a 65.1 per cent year-on-year improvement in adjusted EBITDA to HK$159.8m (US$20.41m). Macau Legend also highlighted that it has secured agreements with its lenders to restructure its debt.
An extraordinary general meeting is to be held on July 30 for shareholders to approve Macau Legend’s share consolidation plan. The firm said the proposal, if approved, should be in effect from August 1.
In March, Macau Legend posted a loss of HK$622.6m (US$80m) for 2024, compared to a loss of HK$4.9m (US$612,500m) in the previous year. Revenue was up 4.3 per cent when compared to the previous year at HK$901.6m (US$96.4m).
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) reached HK$159.8m (US$20m), up 65.2 per cent year-on-year. Revenue for gaming services received from SJM Holdings for mass market tables in Legend Palace Casino rose by 17.1 per cent year-on-year to HK$393.1m (US$50.3m).
The company attributed the widened loss to impairment losses of approximately HK$376.2m (US$47.0m) recognised in relation to non-financial assets held by investment projects in Macau and Cape Verde as well as the write-back of a provision for Macau complementary tax of HK$415.5m (US$51.9m).
