In Macau and local gambling and hotel operator Macau Legend Development Limited has reportedly announced that it has ceased being responsible for the casinos within the 223-room Legend Palace Hotel and smaller Babylon Casino Macau developments.
According to a report from GGRAsia, the Hong Kong-listed firm had offered gaming within both of these Fisherman’s Wharf properties under piggy-backed ‘satellite casino’ agreements with larger operator SJM Holdings Limited. However, the source detailed that these arrangements have now been cancelled after the local government passed legislation that could well oblige such companies to truly own any properties in which they hope to offer gambling entertainment.
Executive endorsement:
The decision from Macau Legend Development Limited to abandon the Macau casino scene was reportedly confirmed by Melinda Chan Mei Yi, who serves as President for the company’s Macau Fisherman’s Wharf International Investment Limited unit. She purportedly also disclosed that this move took place on June 27 with SJM Holdings Limited now set to hold both operation’s gambling licenses until the end of the current year.
Chan reportedly declared…
“SJM Holdings Limited is responsible for operating the Legend Palace Hotel and Babylon Casino Macau until December 31 of this year.”
Lingering liability:
However, Chan reportedly divulged that her firm will continue to remain responsible for all non-gambling amenities within the pair of Fisherman’s Wharf facilities with SJM Holdings Limited having moreover recently assumed control over the ‘satellite casino’ license held by the nearby Grand Emperor Hotel venue. This latter move came only about a month before the giant enterprise issued convertible bonds worth a little over $242.82 million so as to be able to buy the Casino Oceanus at Jai Alai facility it already runs from its Sociedade de Turismo e Diversoes de Macau (STDM) SA parent.
Prominent promotor:
Chan reportedly asserted that the non-gaming activities within the Legend Palace Hotel and Babylon Casino Macau ‘have always been operated and managed directly by’ her firm and that this state of affairs ‘has never changed’. GGRAsia explained that this Macau company is moreover behind the Harbourview Hotel and Rocks Hotel venues while having at various points in the past backed the Landmark Casino inside the former Portuguese enclave’s New Orient Landmark Hotel.
Financial flow:
Macau Legend Development Limited reportedly noted in late-June that its net loss for the twelve months to the end of December had reduced by 39.1% year-on-year to stand at just under $151.6 million. Despite this and the company purportedly revealed yesterday that it had disposed of bonds valued at approximately $25.48 million via ‘the open market’ to realize a profit of about the same amount ‘in light of the market situation,’ which is thought to be a reference to the depressed state of the Macau casino scene following a series of coronavirus-related shutdowns and heightened travel restrictions.