Macau gaming satellite casino operator Macau Legend has managed to minimize its losses in 1H24 to HK152.47 million ($19.55 million), amongst a yearly rise in revenue.
According to the company’s recent financials, the group announced HK$390.4 million ($50 million) in revenue, up from HK$335 million ($43 million) in 1H23.
Gaming revenue during the period amounted to HK$208.51 million ($26.74 million), up 43.7 percent yearly – at mass market only tables at its Legend Palace Casino, located in Macau Fisherman’s Wharf, next to the Outer Harbor Ferry Terminal on the Macau peninsula.
Total games drop was up 26.4 percent yearly, to HK$2.17 billion ($278 million), at the 33 tables in operation, with net win up 45.1 percent, to HK$379.11 million ($48.6 million).
The group operates the tables under a service income agreement with Macau gaming licensee SJM.
Adjusted EBITDA rose to HK$85.32 million ($10.94 million), from HK$52.21 million ($6.7 million) in 1H23.
The group notes that the narrowed loss and EBITDA figures were due to ‘gaming services provided in the Legend Palace Casino’.
No interim dividend has been declared for the period.
Looking ahead the group notes that it aims to ‘optimize the facilities of the Macau Fisherman’s Wharf’, also noting that ‘the market generally expects that the United States will soon be starting to commence interest rate cut,’ which it expects to ‘benefit the further recovery in tourism related industries’ and ‘enable the group to spare more cash flow for future development’.
The group has already discontinued its operations in Lao, ‘in order to centralize and reallocate its resources to its business operation in Macau and future development’. It currently has no other operations outside of Macau.
