Macau Legend posts net loss of US$88.5m for H1

Macau Legend Development has reported a net loss of HK$688.6m (US$88.5m) for the first six months of the year, up 25.2 per cent from 2020.

Macau.- Macau Legend Development has reported revenue of HK$527.4m for the first half of the year, a 44.9 per cent rise from 2020.

The casino operator posted a net loss of HK$688.6m (US$88.5m). Costs increased by 17.9 per cent year-on-year, to nearly HK$698m.

The casino operator, which runs three casinos in Macau said losses were mainly attributable to social distancing measures and travel restrictions related to the Covid-19 pandemic and the countermeasures imposed by the government, which affected the arrival of tourists to Macau.

Macau Legend reported gaming revenue of around HK$42.1m, up 46.7 per cent year-on-year, mainly from Landmark Casino, which posted a HK$123.3m increase in gaming revenue.

As for the Savan Legend casino, gaming revenue was HK$25.7m as VIP tables were closed during the first half of the year.

Macau Legend’s EBITDA was negative HK$132.9m, an improvement of 38.2 per cent over the same period last year when it recorded an EBITDA loss of approximately HK$215.1m.

The company reported revenue of HK$700.7m (US$90.2m) for the year ending December 31.

Macau opens a new border entry with Guangdong

The government of Macau has announced a new border checkpoint between Macau and the city of Zhuhai, in Guangdong to open from September 8. It will be the first border crossing for pedestrians between the two cities.

Last week, authorities in Macau announced a relaxation in border entry requirements and an extension for the validity of negative Covid-19 tests to seven days for people coming from Guangdong.