Macau | Macau Legend posts HK$2.85 bln profit for H1

Macau (MNA) – Local gaming operator Macau Legend Development Ltd. has recorded around HK$2.85 billion (US$363.58 million) profit after taxation for the first six months of the year, compared to HK$228.6 million in losses registered in the same period last year.

According to a group filing with the Hong Kong Stock Exchange, the surge in profits resulted from the gain on the disposal of its Landmark Hotel in April.

During the period, the group also registered year-on-year growth of 19.7 per cent in gaming revenue, which increased to some HK$674.2 million.

Of the four casinos owned by the group, Legend Palace Casino generated the largest revenue at HK$306.3 million, an increase of HK$168.8 million when compared to the same period last year.

The group stated that the jump in gaming revenue for Legend Palace Casino was one of the major reasons contributing to the significant increase in gaming take.

The group’s Savan Legend Casino in Laos has also hiked the company’s gaming revenue, with the casino generating HK$13.3 million more to HK$123.59 million in the first half of this year.

Meanwhile, non-gaming revenue during the period dropped 5.2 per cent to HK$277.4 million, with the group elucidating in the filing that the ‘cessation of consolidation of The Landmark Macau’s revenue starting from 28 April 2018’ was the major reason for the decrease.