Macau Legend tables meeting for vote on Bermuda move
The group says changing its domicile to Bermuda would enable it to execute a planned capital reduction and other restructuring plans more quickly.
Macau.- Macau Legend Development has scheduled an extraordinary general meeting (EGM) for a vote on four special resolutions relating to corporate restructuring, including the change of its domicile from the Cayman Islands to Bermuda. The meeting at Fisherman’s Wharf on December 2 will also see a vote on the adoption of new constitutional documents, premium account cancellation and capital reorganisation.
According to the group, a move to Bermuda would enable it to execute a planned capital reduction and other restructuring plans more quickly as it would not need court approval. However, the move will require it to implement new governance documents, including a new memorandum of continuance and bye-laws that adhere to Bermuda’s legal requirements.
Macau Legend also intends to cancel its entire share premium account, valued at nearly HK$4.16bn (US$535.2m), and transfer the balance to contributed surplus. To increase financial flexibility and address liquidity concerns, the company also plans to reduce the par value of issued shares from HK$1.00 to HK$0.001 and subdivide unissued shares.
The move comes after the 2025 interim report stressed the need for fresh capital. The group recorded a net loss of HK$1.42bn (US$182.7m) in the first half of 2025, following a HK$622m (US$80m) loss in the previous year. Satellite casino Legend Palace, operated under a services agreement with SJM Holdings, ceased operations on November 12, 2025.
