Macau Legend Development Limited announced that after reporting HK$1.9 billion (US$253.6 million) in profits in 2018, it has registered HK$190.2 million in losses last year.
The significant decrease in profit between the two years was attributted due to the gains obtained by the sale of The Landmark in April 2018.
‘If one-off items are excluded, the Group’s loss, (excluding Savan Legend and The Landmark Macau) shall decrease from approximately HK$332.5 million in 2018 to approximately HK$220.4 million in 2019.
Still, revenues increased 26.5 per cent year-on-year in 2019 to some HK$2.3 billion, an increase attributted to solid results from the Legend Palace Casino at the Macau Fisherman’s Wharf and a strong VIP sector, with hotels in the area seeing ‘high occupancy rates and good utilisation of the F&B and entertainment facilities’.
‘We are actively improving the offerings at MFW including the extensive renovations of the Convention and Exhibition Center, world class non-gaming attractions like the VR Zone from Japan and new F&B outlets like Demon Chef Alvin Leung’s Soda Port which will service our Premium Mass and VIP customers,’ the group noted.
Macau Legend’s gaming revenue increased by some 39.8 per cent year-on-year to HK$1.8 billion in 2019, offset by a 9.1 per cent year-on-year drop in non-gaming revenue to HK$461.5 million.
As of December 2019, the Group had a total of 194 gaming tables in Macau and 55 in Laos.
Adjusted EBITDA for 2019 was approximately HK$365.8 million, representing an increase of some 1.7 per cent year-on-year.
Macau Legend also pointed out that the construction of its new hotel and casino complex in Cape Verde is expected to hold a soft opening in late 2021.
PONTO, the large-scale shopping complex in Hengqin held by a subsidiary of Lai Ieng Investment, has also commenced its operation in December 2019.
However, Macau Legend admitted that the impact of the Covid-19 pandemic slowed down the positive results of the group.
‘Globally, there are no serious reports of outbreaks in the areas where the Group’s overseas projects are located. The Group remains optimistic that when the tourism industry rebounds, the Group well positioned to take advantage of the recovery,’ the company noted.
The group also announced that David Chow Kam Fai will step down as CEO of the group effective on March 26, with his spouse, Melinda Chan Mei Yi, appointed as an Executive Director and a member of the remuneration committee of the Board.