Asian casino operator Macau Legend Development Limited has released its financial results for the third quarter showing a 1.9% increase year-on-year in overall revenues to $48.68 million as its adjusted earnings before interest, tax, depreciation and amortization rose by 1.2% to $9.73 million.

Under gaming licenses held by SJM Holdings Limited, Hong Kong-listed Macau Legend Development Limited operates the Pharaoh’s Palace Casino inside The Landmark Macau hotel along with the nearby Babylon Casino Macau in the former Portuguese enclave’s Fisherman’s Wharf district and revealed a 13.5% decrease year-on-year in third-quarter total gross gaming revenues to $74.17 million.

However, Macau Legend Development Limited, which is led as Co-Chairman and Chief Executive Officer by former Macau legislator David Chow Kam Fai, purchased the Savan Vegas Hotel And Entertainment Complex for approximately $42 million in early-September and explained that the Laos venue contributed revenues of $3.26 million for the month. Since re-branded as the Savan Legend Hotel And Casino, the casino in the country’s Savannakhet Province additionally brought in adjusted earnings before interest, tax, depreciation and amortization for the 30-day period of $1.83 million.

Its deal to purchase the Savan Vegas Hotel And Entertainment Complex moreover saw Macau Legend Development Limited granted a 50-year monopoly in the southeast Asian nation’s provinces of Bolikhamsay, Khammouane and Savannakhet, which is the country’s largest, while it revealed a 12.8% swell in third-quarter aggregate gross gaming revenues to $58.22 million when its outsourced VIP table operations were excluded.

Macau Legend Development Limited also declared that its New Legend self-run VIP operation contributed gross gaming revenues of $16.37 million during the three months to the end of September, which represented a boost of 36.1% year-on-year, while Savan Legend’s gross gaming revenues amounted to $2.63 million.

“Our overall performance in the third quarter of 2016 has improved when compared with the previous quarter,” said Chow Kam Fai. “There appears to be some stability in the overall business environment in Macau. While the profile of visitors to Macau is clearly changing, we remain cautiously optimistic for the remainder of the year and looking forward to 2017.”

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