Macau Legend loss widens in first half of year

Macau Legend Development saw its loss widen in the six months ended June 30, 2017, due mainly to an increase in operating and finance costs, and depreciation following the opening of Legend Palace Casino and Hotel.

The loss for the six month period reached HK$228.6 million (US$29.2 million), an increase of HK$53.3 million compared to the prior year period.

The company reported strong growth in revenue in the half year, reaching HK$855.9 million, representing an increase of 28.5 percent year-on-year.

Gaming revenue and non-gaming revenue for the group increased 34.3 percent and 18.7 percent, respectively.

Macau Legend said the increase was primarily due to an increase in gaming revenue from Savan Legend Casino and Legend Palace Casino. This was slightly offset by a decrease in revenue from mass market tables at Pharaoh’s Palace Casino and Babylon Casino.

The increase in non-gaming revenue was attributed to the opening of Legend Palace Hotel on February 27, 2017 as well as contribution of revenue from Savan Legend Resorts.

Adjusted EBITDA for the six months was approximately HK$100.5 million, representing an increase of 115.4 percent over that of the last corresponding period.

Earlier this year, Macau Legend celebrated the opening of Legend Palace, the second hotel at the Macau Fisherman's Wharf Redevelopment.

Macau Legend says it is in the middle of constructing a dinosaur museum, with its completion targeted for 2017.

“Future plans include the construction of an opera house and an intelligent exhibition centre. The company intends to target visitors from South East Asia and has already begun to create an operation and marketing hub in Laos,” said the company in a filing.

At the same time, Macau Legend says it is “vigorously engaged” in strategic overseas expansion by continuing to focus on Southeast Asia, and “actively seeking opportunities and creating new markets for its business expansion so as to maximise value for its shareholders, partners and customers.”

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