Macau Legend to halt gaming projects in Cambodia and Cape Verde

Macau Legend has announced plans to exit the overseas projects by 2025.

Macau.- Macau Legend Development has announced plans to divest from overseas projects in Cambodia and Cape Verde by 2025. The company will instead focus on Macau and its diversification away from gaming.

Macau Legend’s chairman and executive director, Li Chu Kwan, said inan interview with a Hong Kong TV station that the company is in discussions with yacht companies from the Greater Bay Area, aiming to attract more tourists to its properties via yacht visits. Macau Legend is also exploring opportunities to enhance its non-gaming offerings at Macau’s Fisherman Wharf, which may include clubs and spa facilities.

Macau Legend encountered challenges in its overseas ventures. In 2021, it failed to secure land for a proposed integrated resort in Cambodia. Meanwhile, Cape Verde has threatened legal action over construction delays on the US$271.2m casino project in Praia, which began in 2016 and was supposed to be completed by February 2021.

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

Macau Legend’s former co-chairman, Levo Chan was sentenced to 14 years in prison in April 2022