Macau Legend future on the brink after HK$1.57bn loss 

The group has been heavily impacted by the end of its satellite gaming business.

Macau.- Macau Legend has raised concerns about its ability to continue operating due to limited liquidity and potential pressure from creditors. The gaming and hospitality group’s full-year results reveal a net loss of HK$1.57bn (US$199.7m) in 2025, more than doubling the HK$622.6m (US$79.3m) loss recorded in 2024. The outcome, aligned with earlier guidance, was impacted by substantial asset impairments and the loss of its satellite gaming operation.

The group’s revenue for the year declined to HK$358.6m (US$45.6m), from HK$378.3m (US$48.0m) a year earlier. The cost of sales remained high at HK$425.4m (US$54.1m), leading to a gross loss of HK$66.8m (US$8.5m).

Impairment losses on non-financial assets rose to HK$1.13bn (US$143.9m), from HK$376.2m (US$47.9m) in 2024, while finance and operating expenses totalled HK$144.4m (US$18.4m) and HK$168.3m (US$21.4m) respectively. The loss before tax widened to HK$1.52bn (US$193.1m), while loss from continuing operations stood at HK$1.51bn (US$191.9m).

The group’s discontinued satellite gaming business recorded a loss of HK$56.4m (US$7.2m) after a profit of HK$171.7m (US$21.8m) in 2024. That follows the termination of a three-year service agreement for operations at Casino Legend Palace.

Total assets dropped to HK$4.43bn (US$563.4m) while liabilities rose to HK$2.80bn (US$356.2m). The company disclosed ongoing breaches of loan covenants, including requirements related to minimum net assets and indebtedness ratios. While lenders have not yet demanded immediate repayment, they retain the right to do so.

Macau Legend said that it is in discussions with banks to secure waivers and restructure repayment terms, noting that some loan maturities have already been extended to 2026. The group recently completed a rights issue, which raised net proceeds of about HK$86.4m (US$11.0m) in January 2026.

Looking ahead, the group plans to focus on expanding non-gaming revenue streams in Macau while implementing cost-control measures to manage cash outflows. Management said the group’s ability to continue operating over the next 12 months will depend on continued support from lenders and shareholders, as well as the successful execution of its restructuring and funding plans.

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See also: Macau Legend warns of HK$1.57bn loss

The group has been heavily impacted by the end of its satellite gaming business. Macau.- Macau Legend has raised concerns about its ability to continue operating due to limited liquidity and potential pressure from creditors. The gaming and hospitality group’s full-year results reveal a net loss of HK$1.57bn (US$199.7m) in 2025, more than doubling the…