The Cape Verde government has taken possession of the assets and building of an unfinished hotel-casino project launched by Macau Legend Development in the capital city of Praia, bringing to a close a long-running reversal process linked to the abandoned development, according to a report by Lusa.
In a statement issued on Saturday, the government said the takeover was finalized on Friday, concluding the reversion procedure based on a memorandum of understanding signed with the State of Cape Verde in 2014. The agreement covered a tourism and real estate investment planned for the bay area of the city of Praia.
The executive reiterated that it had taken all possible steps to ensure the project’s implementation, but said the contracts were “irremediably breached” by the investors. The hotel-casino complex was left incomplete after construction stalled several years ago due to financial difficulties faced by the developer.
The project was first announced in 2015 by businessman David Chow, who outlined a planned investment of €250 million ($290 million) in the Praia development. The completion of the first phase was initially scheduled for 2021, but construction began in 2016 and failed to advance thereafter.
In October 2023, the Cape Verde government announced it would revoke Macau Legend’s gaming concession for the project, citing concerns over the investor’s capacity to complete the development. That decision was followed in November 2024 by the formal termination of contracts with Macau Legend Development, with authorities pointing to repeated violations of legal and contractual obligations tied to the tourism and gaming investment.
The developer has since acknowledged that it expects to recognize a significant impairment loss related to deposits, property, equipment, and right-of-use assets connected to its investment projects in Cape Verde and Macau.
