Macau Legend Development announced it will delay the launch of its planned rights issue after announcing a capital reorganization and plans to shift its corporate domicile from the Cayman Islands to Bermuda.
The Hong Kong-listed casino operator said the reorganization aims to “enhance the company’s capital structure and provide greater flexibility for future corporate actions.” The move will include reducing the nominal value of its shares from HK$1.00 to HK$0.01.
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.
The rights issue would expand its share base by 50 percent to 930 million shares, the filing said. Shareholders who do not subscribe will see their stakes diluted.
The offer comes as Macau’s mid-tier gaming operators face mounting pressure from weak liquidity, high costs, and competition from larger casino resorts.
The rights issue — under which shareholders will be offered one new share for every two existing shares held — will proceed on a fully underwritten basis, the company said. However, the prospectus and related documents, originally due by October 31st, will now be sent by December 31st.
Following the revision, trading in nil-paid rights shares is now expected to start on Jan 5th, 2026, with dealings in fully paid rights shares to begin on Jan 26th.
Macau Legend said it had signed a supplemental agreement with its underwriters to reflect the revised timetable and the additional condition that the capital reorganization be completed in full.
The company emphasized that neither it nor its co-underwriters have changed their intention to proceed with the rights issue. It also warned shareholders to exercise caution when dealing in its shares.
