Macau Legend seeks legal advice after Cape Verde’s seizure of casino project assets
The company said the move will not have a material impact on its financial performance, as the assets had already been fully impaired.
Cape Verde.- Macau Legend Development says it has sought legal advice after the government of Cape Verde took possession of assets linked to the group’s long-delayed casino project in Cidade da Praia Bay. In a disclosure to the Hong Kong Stock Exchange, the company said it believed the island nation’s request for a voluntary handover lacked a legitimate basis.
Originally announced in 2014, the project envisioned a US$290m tourism and real-estate destination featuring luxury hotels, a casino, conference facilities, and a marina on Santiago Island’s capital waterfront. Construction began in 2016 but stalled long before the first phase’s scheduled completion in 2021.
Government officials say breaches of legal and contractual obligations prompted the termination of all agreements. Cape Verde’s Directorate-General of State Assets and Public Procurement has now assumed full control of the site.
Macau Legend noted that it does not expect the event to have a material adverse impact on its operations or financial performance. The group had already fully impaired the carrying value of the assets.
