Former Macau satellite casino operator Macau Legend Development Ltd confirmed on Wednesday that it had more than doubled its annual loss, and refreshed a “going concern” warning to investors. It gave the update in a filing to the Hong Kong Stock Exchange.
The year loss attributable to owners of the company was nearly HKD1.57 billion (US$199.9 million), versus HKD622.6 million in 2024. The figure included the loss from the discontinued gaming business, which was itemised separately in the same filing.
The group had warned in late March of its likely annual loss, amid the ending of its satellite business.
In its Wednesday filing, the firm noted that “there exist circumstances that cast significant doubt on the group’s ability to continue as a going concern”.
The group had net current liabilities of approximately HKD2.70 billion as of December 31, with total bank and other borrowings amounting to nearly HKD2.40 billion, which will be due for repayment within the next 12 months from the end of the reporting period or are repayable on demand. Its cash and bank balances amounted to approximately HKD27.1 million as of year-end.
The itemised results from Macau Legend’s discontinued gaming operations covered the period from January 1, up to the segment’s termination on November 13.
Casino Legend Palace had shut down the day before, on November 12. It had been housed in the group’s Legend Palace Hotel at the company’s waterside leisure complex Macau Fisherman’s Wharf.
Up to November 13, the group’s gaming revenue was HKD280.7 million, down 28.6 percent relative to the full-year 2024 period. Net loss from the discontinued gaming operation in the period up to November 13 was HKD56.4 million, versus a net profit of HKD96.9 million for full-year 2024.
The firm added: “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.”
In January, Macau Legend raised approximately HKD93.0 million via a rights issue, with the aim of enhancing the company’s capital structure and providing flexibility for future corporate actions. The proceeds were to be used as working capital.
