Macau Legend maintains Cape Verde project stance amid mounting losses

Macau Legend Development said it has not abandoned its long-delayed hotel-casino project in Cape Verde’s capital, Praia, despite the government reclaiming the site earlier this year, as the company faces mounting financial pressure linked to satellite casino closures.

In a filing to the Hong Kong Stock Exchange, the company said it is considering “possible actions… under legal advice” following the loss of the property on Santa Maria islet and along the Gamboa waterfront.

It added that it will take “necessary measures” to safeguard its interests, including reviewing all available legal options. The company has also set aside HKD32.4 million to cover potential litigation costs.

The dispute escalated in January after Cape Verde authorities took possession of the unfinished development, which had remained idle for years.

Macau Legend subsequently argued that the move lacked “legitimate grounds.”

The uncertainty surrounding the project has already weighed on its financial performance, as the group reported a net loss of HKD1.57 billion in 2025, more than doubling its loss in the previous year.

The deterioration was largely attributed to the closure of its final satellite casino, Legend Palace, in November, alongside a decline in the book value of its Fisherman’s Wharf assets.

“After the termination of gaming operation in Macau during the year, the executive directors determined that the group will only have one reportable segment, which is the operations at Macau Fisherman’s Wharf, including hotel and other operations such as licensing income from the shops, provision of building management service, food and beverage and others,” the group said.

Satellite casinos, which operated under the licenses of major concessionaires, have been largely phased out in Macau, with nearly all such operations now shuttered.

The company also flagged “significant doubts” about its ability to continue as a going concern, citing total debts of HKD2.7 billion.