Macau Legend Development bets for growth

Macau casino expects further financial growth.

Macau.- Macau Legend Development, a casino company located in the only Chinese city able to offer gaming services so far, has sent a filing with the Hong Kong Stock Exchange on Monday stating that they expect a profit in the first half of this year in order to recover from last year’s decline during the same period.

As the filing shows, the company confirmed to Macau authorities that the first half of 2017 they faced a HKD229-million loss (US$29.18 million) and they expect to change the tendency this year. According to the filing, the company’s forecast was “based on a preliminary review of its unaudited consolidated management accounts.”

Macau Legend Development made a financial modification this year when they sold 100 per cent of the equity in an entity called New Macau Landmark Management Ltd, a Macau firm that controlled the Landmark Macau casino hotel. Authorities of Macau Legend Development Ltd have confirmed the company has finally reached an agreement to sell its stake in the gaming salon. The local operator was in charge of Landmark Macau hotel and casino but decided to sell the venue to buyers that “don’t appear to have any background in the casino or junket industry,” as commented by IGamiX Management & Consulting’s Ben Lee.

Previously, Macau Legend Development told the Hong Kong Stock Exchange that “the disposal is expected to accrue a gain before tax of approximately HKD3.3 billion, which is calculated based on the purchase price, net liabilities value and carrying amount of the sale loan of New Macau Landmark Management as at December 31, 2017.”