Macau Legend posts loss of US$80m for full-year 2024
The operator recognised impairment losses related to projects in Macau and Cape Verde.
Macau.- Macau Legend Development has shared its financial results for the year 2024. The company posted a loss of HK$622.6m (US$80m), 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).
In December, Macau Legend accused the government of Cape Verde of committing an “offensive act” by terminating its casino development contract without prior notice. The government blamed “contractual violations” by Macau Legend on the long-delayed development of a US$264.7m integrated resort (IR) with a casino in the capital Praia.
As for prospects for the coming months, the company said: “Going forward, the group will continue to execute its strategies to better position itself for seizing opportunities and overcoming challenges. Resources will continue to be allocated to optimise the facilities of the Macau Fisherman’s Wharf, enhancing the exclusive experience of the waterfront complex and improving its flexibility to host large-scale events.
“Moreover, the group started to observe a drop in interest rates; if this downward trend persists as expected, it will not only benefit the broader recovery of tourism-related industries as a whole but also enable the group to allocate more cash flow for future development.”
