Reeling from a tough 2015
Macau Legend had submitted a filing to the Hong Kong Stock Exchange announced it will sell its Landmark Macau casino hotel, home of the Pharaoh’s Palace Casino. The buyer was listed only as “Li C.K.” in the filing, but the Hong Kong Economic Journal identified him as Li Chi Keung, a shareholder who has a 12 percent stake in Macau Legend.
After a robust 2014, in which it posted a HKD478.9 million (US$34.6 million) net profit in 2014, Macau Legend struggled through 2015 and ended up in the red, with a net loss of HKD268.5 million. According to the World Casino Directory, the company has turned its focus to a number of new projects including its $279 million Cape Verde casino resort and its Legend Palace Hotel in Macau Fisherman’s Wharf. It will use capital from the sale to invest in the new projects.
In a statement, Co-Chairman and CEO David Chow Kam Fai said last year “proved to be challenging. The combination of the economic situation in China, the increase in new hotel and casino capacity in Macau and the changing profile of the visitors to Macau were among the key issues that negatively impacted gaming and non-gaming businesses.”
The Landmark Macau hotel has been valued at around HKD5.47 billion (US$ 705 million), reported WCD.
