Macau’s former satellite casino operator Macau Legend is expecting a FY25 loss of approximately HK$1.56 billion ($199.3 million), following the closure of its gaming operation last year.
In a profit warning released on Tuesday, the group informed that the expected loss is a significant increase from the HK$623 million ($79.6 million) recorded in 2024.
The primary reason for the loss increase is a HK$1.18 billion ($115.74 million) impairment due to the change in value of its Macau Fisherman’s Wharf complex, which it operates under subsidiaries.
The complex formerly housed the Legend Palace Casino, a satellite casino under the concession of SJM Resorts.
Due to the expiration of the contract on December 31st, and the changes in Macau’s laws requiring the closure or self-management of satellite operations by concession holders, SJM terminated its agreement early, with the casino shuttering at 11:59pm on November 12th.
The gaming tables and slot machines operated at the venue have since been relocated to SJM’s self-operated venues.
Uncertain future
Following the closure, Macau Legend attempted a new rights issue, which saw just 49.5 percent of new shares subscribed to, raising HK$93 million ($11.93 million) in gross proceeds.
The money is to be used to pay down existing debt.
After the new issuance, former Tak Chun junket head Levo Chan – who became CEO of Macau Legend in 2020 after becoming the company’s largest shareholder, saw his holdings (via an investment company) fall from 33.08 percent to 22.06 percent.
Chan stepped down from the CEO role amidst Macau’s junket crackdown and is currently serving a 13-year prison sentence in Macau for illegal gambling-related crimes.
Macau Legend’s current CEO Li Chu Kwan, who participated in the rights issue, maintained his 25.83 percent shareholding via investment vehicle Elite Success (owned by Li, his wife, and son), as well as his personal 1.76 percent stake.
The company now has a total of over 930.17 million issued shares, compared to 620.11 million before the share expansion program.
In its 1H25 results, the group had already flagged ‘multiple uncertainties relating to going concern’ in its financial results, pawning off assets including its Hengqin property as its borrowings topped HK$2.39 billion ($307.2 million) due for repayment within 12 months or ‘repayable on demand’. This compares to just HK$21.7 million ($2.8 million) in cash and bank balances as of June 30th, 2025.
The company also recently lost control of its planned casino-resort in Cape Verde’s Praia, after the government seized the stalled development’s land.
The group is expected to further clarify its financial position in its annual results, to be published before the end of March.
The show must go on
Despite losing its casino operation, the group continues to host large-scale non-gaming events. Currently, the property is hosting the 2026 International Cities of Gastronomy Fest, Macau. The event brings together 22 booths representing UNESCO Creative Cities of Gastronomy from China and around the world.
The event also gathered experts from the culinary, academic, policy, and creative fields at the International Gastronomy Forum, featuring top representatives from UNESCO Creative Cities.
The fest also features booths from top gaming operators.
