Macau Legend posts net loss of US$23.3m for H1

Revenue was down 22.7 per cent year-on-year to HK$420.2m (US$53.5m).

Macau.- Macau Legend Development has shared its financial results for the year’s first half. It’s reported that revenue was down 22.7 per cent year-on-year at HK$420.2m (US$53.5m). The company posted a net loss of HK$182.5m (US$23.3m).

Gaming revenue fell 49.2 per cent year-on-year to HK$228.2m (US$29.1m). Its gaming table count in Macau dropped from 190 to 33 in the period. It also has 17 mass-market gaming tables and 12 VIP tables at its Laos casino resort.

However, non-gaming revenue rose by 103.2 per cent year-on-year to HK$192m. This growth was attributed to increased revenue from hotel room operations following an increase in tourist numbers since travel restrictions eased in January.

Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) reached HK$103.8m (US$13.2m) in the first six months of 2023, an improvement on a HK$160.5m (US$20.5m) EBITDA loss in the prior-year period.

In June, Macau Legend Development announced its intentions to sell its entire interest in Savan Legend Resorts Hotel and Entertainment Complex in Laos for the sum of US$45m. The group said the decision was made due to the unstable financial performance and increasing restrictions faced by the gaming and hotel business in Laos. 

For 2022, Macau Legend reported that revenue was down 37.3 per cent when compared to the previous year, to nearly HK$711.6bn. However, its loss fell by 48 per cent to negative HK$607.2m (US$77.35m) due to an impairment loss for overseas projects in Cape Verde in 2021.