warning to investors<\/a><\/em><\/strong>. <\/p>\n\n\n\nAdjusted EBITDA for the six months ending June 30 was HK$215.1 million (US$27.7 million), 242 per cent less than in the same half of 2019.<\/p>\n\n\n\n
Gaming-related operations for the period provided revenues of HK$250.3 million (US$32.2 million \u2013 down 66.9 per cent year-on-year). Casino operations reported HK$36.7 million (US$4.7 million).<\/p>\n\n\n\n
The decrease in gaming revenue was primarily due to the Covid-19 pandemic, the company said.<\/p>\n\n\n\n
The company\u2019s directors were hopeful about the resumption of the IVS visas system for Chinese visitors entering Macau and expect the number of tourists to gradually increase.<\/p>\n\n\n\n
The group is said to be in the process of negotiation with banks for refinancing its existing outstanding bank borrowings to long-term financing. The directors decided to grant no dividends for the period.<\/p>\n\n\n\n
The firm said construction had recommenced on its Cape Verde IR after a delay due to Covid-19 measures.<\/p>\n","protected":false},"excerpt":{"rendered":"
Losses after tax were worse than expected, hitting US$70.9 million for the first half.<\/p>\n","protected":false},"author":2,"featured_media":9424,"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 reported a substantial financial downturn for H1 2020, with revenues plummeting 66.3% to US$46.9 million and losses after tax reaching US$70.9 million, significantly exceeding prior investor warnings. This severe contraction is primarily attributed to the operational disruptions caused by the Covid-19 pandemic. The group is actively pursuing refinancing for existing debt and has recommenced construction on its Cape Verde IR, while anticipating a gradual recovery in Macau tourism driven by the resumption of IVS visas.","focusai_entities":"Macau Legend Development","focusai_location":"Macau, Cape Verde","focusai_target_profile":"ceo_executive (1.0), regulator (0.7), compliance_legal (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Refinancing Terms Impact?","query":"What are the anticipated terms of Macau Legend Development's long-term refinancing, and how might these impact the company's capital structure and debt servicing capabilities in the current macroeconomic environment?"},{"label":"Macau GGR Recovery Timeline?","query":"Given the projected resumption of IVS visas, what is the revised forecast for Macau's GGR recovery, and how quickly is Macau Legend Development positioned to capitalize on increased visitation and market demand?"}],"footnotes":""},"categories":[16338,163],"tags":[20778,257],"class_list":["post-9422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-financial-results","tag-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9422","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=9422"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9422\/revisions"}],"predecessor-version":[{"id":9440,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9422\/revisions\/9440"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/9424"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=9422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=9422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=9422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}