Macau Legend announced their intent to invest in a Cape Verde Casino to the tune of $200 million USD. On July 20, 2015, the Macau Company stated they would meet with Cape Verde Officials at some point this week. The project is David Chow Kam Fai’s dream, the co-chairman and CEO of the company. The dream construction was turned down before due to the environmental impact; however, Chow Kam Fai and his company submitted a new proposal that is expected to be signed by Cape Verde officials this week. The project would be started sometime in 2016.

The project would incorporate a resort casino on the islet of Santa Maria. It is the capital of Praia, an African country. The area is looking to have high end hotels with gambling, yacht berths, and conference centers, as well as other facilities. Cape Verde law does allow gaming venues to be integrated into the resorts.

The Cape Verdean Government has been working to increase tourist activity to the area. In 2014, the resorts and casinos already built provided a 40% increase in Gross Domestic Product. Projections for 2015 are for a 49.4% increase or up to MOP10.2 billion.

Macau Legend owners are looking to branch into new markets due to sustained losses in Macau due to the Chinese government crackdown. Last week they reported a loss for the first six months of 2015. Staff costs, amortisation charges for the Harbourview Hotel, and the VIP club New Legend also account for the losses sustained in Macau.

Leave a Reply

Your email address will not be published.