Macau Legend Development Ltd has reported that revenue rose by 62.1 per cent year-on-year.
Macau.- Macau Legend Development has shared its financial results for the year 2021. It reported revenue was up 62.1 per cent when compared to the previous year, to nearly HK$1.14bn (US$145m). The casino operator posted a net loss of HK$1.19bn (US$151.7m) as costs increased by 28.9 per cent year-on-year, to nearly HK$1.51bn.
Macau Legend attributed the loss to social distancing measures and travel restrictions amid the Covid-19 pandemic. Gaming revenue was up 74.1 per cent year-on-year to HK$917.3m (US$117m), mainly due to an increase in the number of visitors from mainland China to Macau.
The casino operator, which runs three casinos in Macau under SJM Holdings’ gaming licence, reported that adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) was negative HK$300.3m, an improvement over the previous year, when it recorded an EBITDA loss of approximately HK$429.3m.
Macau Legend has recently extended its agreement with SJM Holdings until December 31. As for its future beyond that date, the company said it will explore various options to continue the provision of management or any other forms of services related to gaming operations in the city.
Macau Legend has recently announced the results of a review by an independent consultant into the impact on the company of the arrest of former CEO Levo Chan Weng Lin. The review found that while there were recurring and non-recurring business dealings between the company and Levo Chan Weng Lin, it did not find any irregularities in these.
Levo Chan Weng Lin resigned as CEO of Macau Legend soon being arrested with Melinda Chan Mei Yi returning to replace him.