15-year gaming monopoly
Macau Legend will invest $275 million in a gaming complex on the isle of Santa Maria at Praia, the capital city of Cape Verde, Santiago Island. The complex will include hotels, office buildings, property development, retail, dining, a convention center and a clubhouse and a marina, among other amenities.
The Cape Verde government has granted a 75-year land concession and a 25-year gaming concession to CV Entertainment Co., a Macau Legend subsidiary. The company will enjoy a 15-year exclusive right to offer gaming in the market, and a 10-year monopoly on online gaming and sports betting.
“It is a great opportunity for a Macau enterprise to be able to make use of the Sino-Portuguese platform to expand our business overseas,” said Macau Legend Co-Chairman, Executive Director and CEO David Chow. “Secondly, this project follows the China government’s national policy ‘One belt, one road,’ a strategy to help position Macau as one of the important cities on the Maritime Silk Road.”
Groundbreaking on the project is expected to begin later this year, with the development to be complete in 2018.
