The company expects to record an interim loss for the first half of 2025 driven by a major impairment linked to the shutdown of Legend Palace Casino.
Macau.- Macau Legend Development has issued a profit warning, saying it will post an interim net loss of around HK$1.42bn (US$182m) for H1 2025. The figure marks a deterioration from the HK$110m (US$14m) loss recorded in the same period last year.
The main impact is a HK$1.29bn (US$165m) impairment charge tied to assets at Macau Fisherman’s Wharf, where Legend Palace Casino is to close by December 31 as Macau phases out its satellite casino system. But even without the impairment, Macau Legend’s underlying loss is expected to widen by about 21 per cent year-on-year, reflecting a 12 per cent decline in revenue and a HK$30m (US$3,8m) drop in adjusted EBITDA from gaming operations.
The company has also undertaken a share consolidation plan, effective in early September, in a bid to boost its stock price and improve trading activity. As of late 2024, Macau Legend had HK$2bn (US$256m) in bank loans and HK$339m (US$43m) in shareholder loans against HK$52m (US$6m) in cash.
The figures are based on preliminary, unaudited accounts. Official interim results are due by the end of August.
The company expects to record an interim loss for the first half of 2025 driven by a major impairment linked to the shutdown of Legend Palace Casino. Macau.- Macau Legend…
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