Macau Legend Development has called an extraordinary general meeting (EGM) for December 2nd to seek shareholder approval for a sweeping corporate overhaul, including a change of domicile from the Cayman Islands to Bermuda and a major capital reorganisation.
The casino and tourism group said the proposed move to Bermuda would allow it to implement a planned capital reduction and other restructuring measures without requiring court approval, speeding up the process and reducing uncertainty.
Under the plan, Macau Legend intends to adopt a new memorandum of continuance and new bye-laws compliant with Bermuda law. The company will also cancel its entire share premium account — amounting to roughly HK$4.16 billion ($535.2 million) — with the balance transferred to contributed surplus.
If approved, the capital reorganisation will cut the par value of each issued share from HK$1.00 to HK$0.01, followed by a subdivision of unissued shares. The company said the restructuring would improve financial flexibility and support a previously announced rights issue aimed at easing liquidity pressures.
The group has cited tightened cash flow and increasing operational strain in its 2025 interim report, saying fresh capital is needed to stabilise operations and fund future initiatives.
The EGM will be held at Macau Fisherman’s Wharf on December 2 at 11:00 am. Shareholders will vote on four special resolutions covering the change of domicile, adoption of the new constitutional documents, cancellation of the share premium account and the capital reorganisation.
Macau Legend, which runs the Legend Palace casino under a services agreement with SJM Holdings, as well as the waterfront Fisherman’s Wharf complex, has been grappling with heavy losses.
The firm reported a net loss of HK$1.42 billion ($182.7 million) in the first half of 2025, after a HK$622 million ($80 million) loss last year.
