Macau Legend Development Ltd has reported a loss of HK$550.2 million for the six months to 30 June 2020, widened from a loss of HK$107.5 million on the slowdown of business due to COVID-19.
The increased loss came despite the company noting that its gross gaming revenue for the period performed better than the broader Macau market – down 67% year-on-year to HK$250.3 million compared to a 77% market-wide decline. That GGR included HK$122 million at Legend Palace, HK$45 million at Babylon Casino and another HK$83 million from management services rendered at Landmark Casino. Adjusted EBITDA at the company’s Macau operations fell to a loss of HK$181 million.
Macau Legend’s CEO and Executive Director, Melinda Chan, said the company had used the COVID-19 period to “focus on upgrading our F&B and entertainment offerings at Macau Fisherman’s Wharf (MFW) in anticipation of a recovery in tourist arrivals.
“Renovations for upgrading the facilities in the Convention and Exhibition Center have now been completed and put into service. Moreover, the completion of new F&B outlets … will be completed by the end of the year. We are also seeking opportunities to work with SMEs in Macau to help revitalize the local economy as well as improving the business at our retail operations. We plan to make MFW the most prominent entertainment complex in Peninsula Macau.”
In Laos, where GGR at Savan Legend totaled HK$37 million for the period, the company said it had now commenced operations of its slot club in Thakhek, with 130 slot machines.
“The opening of the Thakhek Club is expected to provide new momentum to the Group’s operations in Lao PDR,” said Co-Chairman and Executive Director of Macau Legend, David Chow. However, “The hotel and casino at Savan Legend Resorts, Savannakhet will remain closed until the Thai/Laos border reopens.”
Macau Legend added that it was still working on a re-design of Legendale Hotel to meet revised height restrictions in the MFW precinct, while its shopping complex investment in Hengqin has now reached 40% capacity, with a tenancy target of 65% to 70% for the end of this year.