It’s been a busy year so far for Macau-based hotel and casino operator Macau Legend Development Limited (1680:HK), and the trend continues with its reported $222.7 million investment in a new development project located in Setubal, Portugal.
Local media reports that Macau Legend will sign an agreement with the Setúbal municipality this week to establish an integrated resort in the city located south of Lisbon. The development is expected to include both residential and retail options along with a marina.
This isn’t the first major international project Macau Legend has undertaken this year as part of its expansion in the international market to offset revenue losses in Macau due to the efforts of the Chinese government to curb illegal foreign-exchange transactions, among other illegal activities. In February, the company broke ground for its $290 million Cape Verde Casino Resort on the islet of Sanat Maria. The casino resort will be located on a 1.3 million square foot plot on Santiago Island in Praia and will feature office buildings, a marina, museum and a convention center. It is anticipated that the construction will take three years. It is expected that tourism to the county will increase to approximately 2 million from the current 600,000 over the next few years, due to the lure of the project.
In May, the company also announced its plan to acquire Savan Vegas Hotel and Entertainment Complex located in Laos. The approximately HK$326 million (US$42 million) deal, which was expected to be finalized last month, is now due to close by the end of July, according to officials.