{"id":777024470,"date":"2025-03-25T09:53:27","date_gmt":"2025-03-25T12:53:27","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777024470"},"modified":"2026-04-22T00:31:26","modified_gmt":"2026-04-22T03:31:26","slug":"macau-legend-expects-to-post-increased-loss","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/macau-legend-expects-to-post-increased-loss","title":{"rendered":"Macau Legend expects to post increased loss"},"content":{"rendered":"\n

The company will report a significant impairment loss related to investment projects.<\/p>\n\n\n\n\n\n\n\n

Macau.- Macau Legend Development <\/strong>has issued a profit alert announcing that it expects to post a loss of up to HK$640m (US$80m) for the year ended December 31, 2024. That compares to a loss of HK$4.9m (US$612,500) reported in 2023.<\/p>\n\n\n\n

The company attributes the increased loss to a significant impairment loss in relation to deposits paid, property and equipment and right-of-use assets held by the group\u2019s investment projects in Macau and Cape Verde. The company has also recognised a provision for complementary tax of HK$415m (US$51.9m) in Macau for the prior years resulting from a disposal of a subsidiary of the group.<\/p>\n\n\n\n

The company said: “The impairment and the write-back of provision are non-cash items and do not have an impact on the group\u2019s cash flows and operations. However, these will significantly impact reported performance for the reporting period and, as a result, the group is expected to record a substantial loss for the reporting period as compared to the preceding period.”<\/p>\n\n\n\n

Interim results will be published by the end of this month. The company expects to post a 4.3 per cent increase in reported revenue from continuing operations.<\/p>\n\n\n\n

In December Macau Legend accused the government of Cape Verde<\/strong>\u00a0of committing an \u201coffensive act<\/a>\u201d by terminating its casino development contract without prior notice. The government blamed \u201ccontractual violations\u201d by Macau Legend on the long-delayed development of a\u00a0US$264.7m integrated resort (IR) with a casino in the capital Praia.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company will report a significant impairment loss related to investment projects.<\/p>\n","protected":false},"author":176,"featured_media":26795,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Macau Legend Development anticipates a substantial loss of up to HK$640m for FY2024, primarily driven by significant impairment losses on investment projects in Macau and Cape Verde, alongside a HK$415m tax provision in Macau. While these are non-cash items, they will materially impact reported financial performance, contrasting with a modest revenue increase from continuing operations. The impairment context includes a dispute with the Cape Verde government over a terminated integrated resort development contract.","focusai_entities":"Macau Legend Development, Cape Verde government","focusai_location":"Macau, Cape Verde, Praia","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.9), operator_casino (0.75), investor_analyst (1.0), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impairment Impact Analysis","query":"What specific assets or investment projects in Macau and Cape Verde contributed most significantly to the HK$640m impairment loss, and what is the long-term strategic implication for Macau Legend's asset base and future development pipeline?"},{"label":"Cape Verde Dispute Resolution","query":"What is the current status of the legal dispute with the Cape Verde government regarding the terminated IR contract, and what are the potential financial and operational ramifications for Macau Legend, including any provisions for legal liabilities?"}],"footnotes":""},"categories":[16338,163],"tags":[22593],"class_list":["post-777024470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-macau-legend"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777024470","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777024470"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777024470\/revisions"}],"predecessor-version":[{"id":777024485,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777024470\/revisions\/777024485"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26795"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777024470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777024470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777024470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}