Satellite casino operator Macau Legend has recorded a loss of some HK$182.5 million ($23.26 million) for the first half-year, according to results filed with the Hong Kong Stock Exchange. The group saw overall revenues fall by some 22.7 percent yearly, hitting just HK$420.4 million ($53.58 million) during the six-month period.
Gaming revenue during the period fell by nearly 50 percent yearly, to just HK$228.2 million ($29.08 million), as the group ceased operations at its Landmark Casino and Babylon Casino properties.
However, total gaming revenue at the group’s sole Macau property – Legend Palace, at Fisherman’s Wharf, and its Laos property – Savan Legend – totaled HK$163 million ($20.77 million), up 62.1 percent yearly.
The group operates 33 gaming tables in Macau and 29 tables in Laos (of which 12 are VIP).
Speaking of the Macau operations, the group notes that ‘As compared to 2019, the recorded gaming performance of the Group in Macau showed a recovery rate of 66.5 percent and 92.5 percent in the daily net win per mass market table in Legend Palace Casino for the first and second quarters respectively while the recorded non-gaming performance of the Group in Macau showed a recovery rate of 89.5 percent and 98.3 percent in the first and second quarters respectively’.
Regarding the Laos operations, the group notes that ‘the recorded gaming performance in Lao PDR showed a recovery rate of 100.0 percent, 105.6 percent and 83.3 percent in the daily net win per mass market table, VIP table and slot machine respectively in the first half of 2023.’
Looking forward, the group notes that it will ‘continue to focus on the upgrading of dining and entertainment offerings at MFW (Macau Fisherman’s Wharf), as well as the branding of this waterfront integrated attraction to welcome not only visitors from the mainland China but also those from other countries over the world especially from the Southeast Asia’.
The group, despite seeing gains from its Laos property, is aiming to dispose of it, noting that ‘the operations in Lao PDR continue to improve since the relaxation of travel measures in Lao PDR and Thailand. Although the gaming and hotel business in Lao PDR is profit-making, the Group is trying to centralize resources and reallocate more resources to its business operation in Macau and for overall future development; thus, the Company has entered into a letter of intent to dispose of the operations in Lao PDR’.