Cape Verde gov’t in talks to revoke Macau Legend license

The government of Cape Verde has announced that it is engaged in discussions with Macau Legend Development Ltd, a casino services firm listed in Hong Kong, regarding the revocation of Macau Legend’s concession to develop and operate a casino resort in Cape Verde.

Olavo Correia, Cape Verde’s vice prime minister and minister of finance and business promotion, said in an interview with local broadcaster RTC that negotiations between both parties are underway. The government’s aim is to reach an amicable agreement to revoke the concession contract with Macau Legend within two months.

Correia emphasized that, if an acceptable resolution cannot be reached within a reasonable timeframe, the government will resort to other legal means as Macau Legend is allegedly in breach of its contractual obligations.

Macau Legend announced in 2015 that it had signed agreements with the Cape Verde government to develop a casino resort in the capital city. The company had planned to invest approximately EUR250 million in the project. Construction on the casino resort began in 2016 but has faced significant delays, with reports suggesting that construction work has been halted for an extended period. Macau Legend’s most recent annual report, released in April, did not provide an update on the project’s status.

Correia revealed that the Cape Verde government is seeking new investors for the casino resort project and has received interest from several parties. The government aims to select a partner capable of providing guarantees with respect to the financial, management, and project execution to avoid further delays. HT