Macau Legend Development claims a takeover of its unfinished hotel-casino project in Cape Verde ‘lacked any legitimate basis,’ according to a late Tuesday filing with the Hong Kong Stock Exchange.
In the filing, the company said it was notified on January 15th, 2026, that the Cape Verde government intended to take possession of the project’s assets the following day and had requested Macau Legend’s presence to facilitate a ‘voluntary handover.’ Macau Legend said it had ‘determined that this request lacked any legitimate basis’ and therefore did not agree to the handover. Despite the company’s objection, authorities proceeded to enter the premises and take possession of the assets.
The assets relate to an unfinished hotel-casino development located in Cidade da Praia Bay, Cape Verde. Macau Legend said it is ‘currently seeking legal advice in respect of the matter,’ but noted that the group had already fully impaired the carrying amount of the assets as of December 31st, 2024. As a result, the board said the development ‘will not have a material adverse impact on the operation or financial performance of the Company.’
The filing followed confirmation from the Cape Verde government over the weekend that it had finalized possession of the stalled project, bringing to an end a long-running reversion process. Authorities said the takeover was based on a memorandum of understanding (MOU) signed in 2014 covering a tourism and real estate investment in the Praia Bay area.
As previously reported, the government said it had taken all possible steps to ensure implementation of the project but claimed the relevant contracts were ‘irremediably breached’ by the investors. Construction of the hotel-casino complex stalled several years ago after Macau Legend encountered financial difficulties.
The Praia project was first announced in 2015 by Macau Legend founder David Chow, who outlined a planned investment of €250 million ($290 million). Construction began in 2016, with completion of the first phase originally targeted for 2021, but the development failed to progress as planned.
In October 2023, the Cape Verde government announced it would revoke Macau Legend’s gaming concession for the project, citing concerns over the company’s ability to complete the development. This was followed in November 2024 by the formal termination of contracts, with authorities pointing to repeated violations of legal and contractual obligations.
