Macau, China, Sept. 1, 2025 (Lusa) - Indebted casino operator Macau Legend on Monday launched a public tender for the sale of a real estate project in neighbouring Hengqin (Mountain Island), which includes a “Manueline-style” plaza.
According to a statement sent by the company to the Hong Kong stock exchange, those interested in buying the Ponto Legend project can submit bids until 30 October.
The note, released on Friday, emphasises that "there is no initial price set for the public tender" and that the profit for Macau Legend "will depend on the final price offered by the winning bidder".
Those interested will, however, have to present a bank guarantee worth 15 million yuan (€1.79 million) to Zhuhai Lai Ieng, the company that owns Ponto Legend.
Macau Legend holds a 21.5% stake in Zhuhai Lei Ieng and the operator did not reveal the identity of the other shareholders.
Ponto Legend, located near the border separating the Hengqin special economic zone and Macau, currently has 109 commercial spaces and 862 car parking spaces, the company said.
The project, spanning approximately 130,000 square metres, was launched in 2014. At the time, Macau Legend's leader, David Chow Kam Fai, said it could serve as a "gateway" for Chinese tourists to Portuguese culture.
In March 2019, the operator issued a statement stating that Ponto Legend would be ready by the end of the year, including a “Manueline” square with a capacity to host 10,000 people.
The main building of the project would be an exhibition centre that could "promote quality products", particularly those from Portuguese-speaking countries.
On Friday, Macau Legend acknowledged having “significant doubts about the group's ability to continue as a going concern” due to total debts of 2.4 billion Hong Kong dollars (€262.2 million).
The operator announced a loss of 1.42 billion Hong Kong dollars (€157.2 million) in the first half, more than 12 times higher than in the same period of 2024.
The company justified the results with a drop in the value of the Doca dos Pescadores development, due to the announced closure of the Legend Palace “satellite casino” by the end of the year.
At the end of March, Macau Legend announced losses of 45.9 million Hong Kong dollars (€5.44 million) by 2024, partly due to the closure of a hotel-casino in Cabo Verde's capital.
In November, Cabo Verde's authorities initiated a process to reverse the hotel-casino and other unfinished Macau Legend projects on the islet of Santa Maria and the Gamboa seafront in the city of Praia.
In July, the minister for Home Affairs, Paulo Rocha, told Lusa that the government would give the company a "last chance" and promised "an alternative" for the space.
At the end of 2023, Macau Legend Chairman Li Chu Kwan stated that the group intended to complete the projects in Cabo Verde and Cambodia by 2025.
VQ/ADB // ADB.
Lusa
