Former Macau satellite casino operator Macau Legend has tallied a FY25 loss of HK$1.56 billion ($199.76 million), in line with previously announced expectations, due to an impairment related to the closure of its satellite casino operation.
In its annual results released on Wednesday, the company noted that the loss was a significant increase from the HK$622.63 million ($79.42 million) figure reported for 2024.
This comes as revenue also fell during the year, from HK$378.32 million ($48.26 million) in FY24 to HK$358.62 million ($45.75 million) in 2025.
A note by the independent auditor, included in the results, indicates that Macau’s Legend’s current financial position creates ‘the existence of material uncertainties which cast significant doubt on the Group’s ability to continue as a going concern’.
As of December 31st, 2025, the group had net current liabilities amounting to approximately HK$2.7 billion ($344.42 million), after incurring the HK$1.56 billion loss. The group’s total bank and other borrowings amount to HK$2.39 billion ($305 million), which ‘were either due to for repayment within the next 12 months from the end of the reporting period or are repayable on demand’.
Following non-compliance with loan covenants the group has outstanding bank borrowings of over HK$2.05 billion ($305 million) which banks can immediately demand repayment of.
This contrasts with cash and bank balances totaling just HK$27.1 million ($3.46 million).
‘New chapter’
The group notes that the termination of the services agreement with gaming concession-holder SJM, to use its license to operate the satellite casino, ‘put an end to the gaming business of the Group’.
The company contests that ‘a new chapter was then opened where the Group strategically and systematically rebranded the Macau Fisherman’s Wharf into a completely non-gaming related entertainment hub’.
Now the group plans to ‘optimize the facilities’ at MFW, ‘enhancing the exclusive experience of the waterfront complex’ by potentially ‘providing marine attractions by the wharf’ and holding ‘larger scale event[s] that utilize different venues at the same time’.
The group has also implemented a ‘full scale pet friendly policy […] in all outdoor area[s] of the wharf which is expected to attract pet-related shops to station and pet-related events to happen’. The group is also hoping that in the coming quarters ‘more sports spaces are expected to be offered to further draw participation and drive visitation’.
Macau Legend currently holds net assets amounting to approximately HK$1.47 billion ($187.52 million), down by more than half year-on-year. The group has capital commitments for property, equipment, and construction totaling HK$218.19 million ($27.83 million).
