Macau Legend ends VIP gaming promotion business
Macau Legend has announced the cessation of its VIP gaming operation.
Macau.- Macau Legend Development has announced that it has discontinued its VIP gaming business after a contract with a supplier ended. According to a Hong Kong Stock Exchange filing, the satellite casino operator ceased its junket operations with effect on January 1, the same day new gaming concessions came into effect for Macau’s six gaming concessionaires.
Macau Legend said an agreement whereby Hong Hock Development had supplied services for the operation of VIP gaming rooms expired on December 31 and would not be renewed.
The firm stated: “With the recent developments of the gaming promotion industry, there has been a significant impact on the VIP gaming promotion business.”
It added: “Further, the Macau government has passed the new gaming law on 21 June 2022 which served to provide new regulations and guidelines for the development of the Macau gaming industry, including satellite casinos, which will affect the operations of Hong Hock Development as a casino service provider.”
In September 2006, Hong Hock entered into an agreement with SJM Resorts, a gaming concession holder for STDM, the predecessor of SJM Holdings, the latter providing services at Casino Babylon and Casino Legend Palace.
It was through that company that Macau Legend Development participated in the gaming promotion business, and took greater control over the management of VIP Gaming Promotions of one of its subsidiaries, New Legend. Under the agreement, New Legend was paid 42 per cent of the revenue generated via its VIP gaming rooms at Macau Legend’s Babylon and Legend Palace casinos.
Casino Babylon is absent from the new list of satellite casinos operating under the SJM licence revealed by the government, but the casino Legend Palace is still operating on the concession.
See also: Macau gaming revenue down 51% in 2022
