The operator of Macau Fisherman’s Wharf, Macau Legend Development, revealed that its hotel occupancy rate reached 80 to 90 percent lately following the easing of all the COVID-related travel restrictions.
After the annual general meeting of the Hong Kong-listed Macau Legend on Friday, Thomas Li Chu Kwan, executive director chairman and executive director of the company, said that visitor volume in their properties increased steadily, especially in non-gaming elements. He mentioned that the firm is planning new projects targeting the younger generation and family visitors, which aligns with the government’s goal.
Some of the Macau Legend‘s properties will also undergo renovation work. He revealed that major projects are in the design stage and will be announced upon completion.
Macau Legend’s casinos had good performance with the increase in the overall gambling revenue in the city, according to Li. He believes that the casino located in Fisherman’s Wharf had results “above average level”, but that property revenues were largely driven by non-gaming elements.
Li stressed that Macau Legend has actively invested in both gaming and non-gaming elements, and it is expected that its performance will improve in the future.
According to Friday’s filing, Thomas Li Chu Kwan was reelected as Executive Director of Macau Legend. Thomas Li is the former CEO of the Macau Jockey Club and the son of Li Chi Keung, who is considered one of the three main assistants of Macau’s late gaming king Stanley Ho in regards to satellite casinos. The other two ‘assistants’ of Stanley Ho are David Chow and Ambrose So.
Stanley Ho’s daughter, Laurinda Ho Chiu Lin, was also reelected as a non-executive director of Macau Legend.
A couple of days before the annual general meeting, Macau Legend announced its intention to sell its entire interest in its Laos gaming operation – Savan Legend Resorts Hotel and Entertainment Complex – for some $45 million.
