Macau, China, March 25, 2026 (Lusa) - Macau Legend Development recorded a loss of HK$1.57 billion (€172.5 million) in 2025, due to the closure of the operator's last "satellite casino."
Macau Legend stated on Tuesday night that the loss, the largest since 2020, at the peak of the Covid-19 pandemic, is mainly due to a drop in the book value of the Fisherman's Wharf development.
In a statement sent to the Hong Kong stock market, Macau Legend justifies the decrease of HK$1.18 billion (€129.9 million) with the closure, on 12 November, of the Legend Palace "satellite casino."
The "satellite casinos," under the purview of three of the six official concessionaires, were managed by other companies, and were a legacy of the Portuguese administration that existed before the liberalisation of gambling in the territory in 2002.
Ten of the 11 "satellite casinos" that were still operating in 2025 closed their doors, while SJM acquired Casino Royal Arc and obtained authorisation from the Government to directly manage the space.
Macau Legend also mentioned having reserved about HK$71 million (€7.82 million) for employee compensation payments following the dismissal of employees from the Legend Palace casino.
The company emphasised that the forecast for the 2025 loss was made "based on a preliminary analysis of the unaudited consolidated management statements." Macau Legend's official results will be released on 31 March.
At the end of August 2025, the operator admitted to having "significant doubts about the group's ability to continue in business" due to total debts of HK$2.4 billion (€264.2 million).
On 17 January, the government of Cabo Verde took possession of the hotel-casino's assets and building, which the company began constructing in the capital, Praia, but abandoned years ago.
Three days later, Macau Legend said that the authorities in Cabo Verde had "no legitimate basis" to reclaim the property on the islet of Santa Maria and the Gamboa seafront.
The operator said it was "seeking legal advice" to decide how to respond to the loss of the hotel-casino, something that, it emphasised, was provided for in the accounts.
In March 2025, Macau Legend had announced losses of HK$45.9 million (€5.44 million) in 2024, partly due to the threat of the hotel-casino's reversal.
On 4 March, the government of Cabo Verde launched a call for ideas for the space, open until mid-April, with the selected proposals to be subject to public consultation.
In September 2025, the company launched a public tender for the sale of a real estate project, Ponto Legend, located in neighbouring Hengqin (Mountain Island), which includes a "Manueline-style" plaza.
VQ/RYOL // ADB.
Lusa
