Macau Legend Development says a 6.1 percent year-on-year drop in profits, reported last month, was expenses associated with its Harbourview Hotel, which marked a soft opening February 2 at Macau Fisherman’s Wharf, reported GGRAsia.
In a filing with the Hong Kong Stock Exchange, the company reported that its pre-opening expenses amounted to HKD24.1 million (US$3.1 million). It also reported an “unrealized exchange loss on bank fixed deposits denominated in (Chinese currency) RMB.” Revenue for 2014 increased by 2.7 percent to HKD1.8 billion. EBITDA decreased by 4.4 percent to HKD842 million.
