Macau Legend pushes back publication of delayed financial results

Its shares remain suspended due to the delay in publishing its 2021 financial results.

Macau.- Macau Legend has issued a company filing providing an update on the publication of its 2021 annual results. Trading of its shares on the Hong Kong Stock Exchange has been suspended since April due to the delay in publication.

The company explained that its auditors required additional time to carry out its extended audit procedures and complete the 2021 annual results after taking into account a review report. As a result, the board meeting scheduled to present the delayed results on May 31 has been postponed to Monday, June 27.

When the trading suspension was announced in March, Macau Legend’s stock price fell more than 10 per cent.

For the first half of the year 2021, the company reported revenue of HK$527.4m, a 44.9 per cent rise from 2020 and a net loss of HK$688.6m (US$88.5m). It 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.

No irregularities found between Macau Legend and former CEO Levo Chan

Macau Legend Development Co Ltd has 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 consultant had been appointed on March 5.

Levo Chan Weng Lin resigned as CEO of Macau Legend soon being arrested with Melinda Chan Mei Yi returning to replace him.