{"id":10990,"date":"2025-03-26T13:34:10","date_gmt":"2025-03-26T13:34:10","guid":{"rendered":"https:\/\/www.mundovideo.com.co\/en\/?post_type=asia&#038;p=10990"},"modified":"2025-03-26T13:34:10","modified_gmt":"2025-03-26T13:34:10","slug":"macau-legend-from-tropical-dreams-to-tax-write-backs","status":"publish","type":"asia","link":"https:\/\/www.mundovideo.com.co\/en\/asia\/macau-legend-from-tropical-dreams-to-tax-write-backs\/","title":{"rendered":"Macau Legend: From tropical dreams to tax write-backs"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><em>Macau, March 25, 2025<\/em> \u2014 Casino operator <strong>Macau Legend Development Ltd.<\/strong> is on track for a <strong>record annual loss of up to HK$640 million (US$82.3 million)<\/strong> in 2024, according to a profit warning filed with the Hong Kong Stock Exchange. The projected deficit sharply contrasts with the company\u2019s net loss of just HK$4.9 million in 2023.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.mundovideo.com.co\/landing\/multigame-link\/\" target=\"_blank\" rel=\" noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"340\" src=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1.png\" alt=\"\" class=\"wp-image-9725\" srcset=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1.png 1000w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1-300x102.png 300w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1-768x261.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The financial downturn is attributed to a series of <strong>non-cash impairment losses<\/strong> related to <strong>paid deposits, property, equipment<\/strong>, and <strong>right-of-use assets<\/strong>, particularly tied to investments in <strong>Macau and Cape Verde<\/strong>. A key development contributing to the loss was the <strong>termination of a hotel-casino project in Cidade da Praia Bay, Cape Verde<\/strong>, by the local government.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"427\" src=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/03\/macau-legend-from-tropical-dreams-to-tax-write-backs2.jpg\" alt=\"\" class=\"wp-image-10994\" style=\"width:840px;height:auto\" srcset=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/03\/macau-legend-from-tropical-dreams-to-tax-write-backs2.jpg 800w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/03\/macau-legend-from-tropical-dreams-to-tax-write-backs2-300x160.jpg 300w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/03\/macau-legend-from-tropical-dreams-to-tax-write-backs2-768x410.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"411\" src=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/03\/macau-legend-from-tropical-dreams-to-tax-write-backs3.jpg\" alt=\"\" class=\"wp-image-10993\" style=\"width:840px;height:auto\" srcset=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/03\/macau-legend-from-tropical-dreams-to-tax-write-backs3.jpg 800w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/03\/macau-legend-from-tropical-dreams-to-tax-write-backs3-300x154.jpg 300w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/03\/macau-legend-from-tropical-dreams-to-tax-write-backs3-768x395.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">In November 2024, authorities in Cape Verde ended the project agreements, citing repeated delays and Macau Legend\u2019s failure to meet construction deadlines. The government now seeks to seize control of the site\u2019s assets. The cancellation may cost Macau Legend <strong>approximately HK$47 million<\/strong>, adding to its financial woes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite the headline loss, the company highlighted a <strong>positive HK$415 million tax write-back<\/strong> in Macau from the disposal of a subsidiary. Macau Legend clarified that most of the losses are <strong>non-cash items<\/strong>, with <strong>no impact on current operations or cash flow<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Operationally, the company showed some resilience:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>For the six months ending June 2024, <strong>revenue rose 16.5% year-on-year to HK$390.4 million<\/strong>.<\/li>\n\n\n\n<li><strong>Adjusted EBITDA<\/strong> from ongoing operations reached <strong>HK$85.3 million<\/strong>, an improvement of <strong>HK$33.1 million<\/strong> over the previous year.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"614\" src=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/03\/macau-legend-from-tropical-dreams-to-tax-write-backs4-1024x614.jpg\" alt=\"\" class=\"wp-image-10992\" srcset=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/03\/macau-legend-from-tropical-dreams-to-tax-write-backs4-1024x614.jpg 1024w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/03\/macau-legend-from-tropical-dreams-to-tax-write-backs4-300x180.jpg 300w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/03\/macau-legend-from-tropical-dreams-to-tax-write-backs4-768x461.jpg 768w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/03\/macau-legend-from-tropical-dreams-to-tax-write-backs4-1536x922.jpg 1536w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2025\/03\/macau-legend-from-tropical-dreams-to-tax-write-backs4.jpg 2000w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Macau Legend continues to operate the <strong>Legend Palace Casino<\/strong> under the <strong>SJM Holdings concession<\/strong> and is currently seeking legal advice to contest the Cape Verde government\u2019s actions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The financial downturn is attributed to a series of non-cash impairment losses related to paid deposits, property, equipment, and right-of-use assets, particularly tied to investments in Macau and Cape Verde. <\/p>\n","protected":false},"author":1,"featured_media":10995,"menu_order":92,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[2323,57,1438],"class_list":["post-10990","asia","type-asia","status-publish","format-standard","has-post-thumbnail","tag-asia","tag-casinos","tag-macau","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - 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