Macau Legend’s loss narrows by 48%

Macau Legend has reported a loss of HK$607.2m (US$77.35m) for 2022.

Macau.- Macau Legend Development has shared its financial results for the year 2022. It’s reported that revenue was down 37.3 per cent when compared to the previous year, to nearly HK$711.6bn. However, its loss fell by 48 per cent to negative HK$607.2m (US$77.35m) due to an impairment loss for overseas projects in Cape Verde in 2021.

The group has undertaken measures to control its operating costs and expenses. However, it remains concerned that its debt could “cast significant doubt on the group’s ability to continue as a going concern.”  

The group saw gaming revenue fall by 43.4 per cent to HK$519.1m for 2022, primarily due to the expiration of the Service Agreement between the Group and SJM on June 26.  Macau Legend historically operated satellite casinos under SJM at the Landmark, Babylon, and Legend Palace. Under SJM’s new licence, it has an agreement to operate at Legend Palace for three years. 

For the year ended December 31, the Group recorded a non-gaming revenue of approximately HK$192.5m, down by approximately HK$25.7m or 11.8 per cent from HK$218.2m in 2021.

Looking ahead to 2023, the company said “it realises that the number of visitors coming to Macau will be increasing significantly after the reopening of borders in early January 2023” and said it remains “optimistic and well-equipped to seize opportunities for recovery when the tourism industry rebounds.”