Macau Legend to report consolidated loss of US$258m for 2020
Macau Legend Development expects to report a consolidated loss of up to US$258m due to a decrease in the number of visitors to Macau and Laos in 2020.
Macau.- Macau Legend Development has issued a profit warning for the year ending December 31, announcing that it expects to report a consolidated loss of between HK$1.9bn (US$245m) and HK$2.0bn (US$258m).
The Macau-based casino and entertainment operator attributes the loss to a significant decrease in revenue due to travel and social-distancing restrictions imposed by governments and a general decrease in the number of visitors to Macau and Laos because of the Covid-19 pandemic.
The company said it was “actively monitoring the impact the pandemic has on its business” and “has undertaken various mitigating measures to manage the current environment, including active measures to control its operating costs and expenses.”
Macau Legend currently operates casinos at Macau’s Legend Palace and Babylon under licence from SJM. Melinda Chan, executive director at the casino operator has recently expressed her desire for Macau Legend to become a Macau gaming concessionaire in its own right.
