• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 17 September 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Macau Legend keen to continue satellite operations but US$152 million loss in FY21 casts doubt

Ben Blaschke by Ben Blaschke
Wed 29 Jun 2022 at 05:58
Tak Chun boss Levo Chan to make mandatory cash offer for additional 29% stake in Macau Legend

Legend Palace

13
SHARES
315
VIEWS
Print Friendly, PDF & Email

Macau Legend Development Ltd says it will explore its options with a view to continuing the management of Macau casinos Legend Palace and Babylon – both located at Macau Fisherman’s Wharf – once current concession contracts expire on 31 December 2022.

This is despite auditors issuing a Disclaimer of Opinion on “Multiple uncertainties” relating to the group’s ability to continue as a going concern, with Macau Legend announcing on Tuesday a loss of HK$1.19 billion (US$152 million) in FY21, narrowed from a loss of HK$1.96 billion (US$250 million) in 2020.

Amendments to the governance of satellite casinos form a key part of Macau’s new gaming law, which was passed by the Legislative Assembly last week, with satellites no longer allowed to participate in revenue share arrangements with concessionaires after a three-year transitional period for existing satellite casinos. A number of satellites have either announced plans to close down or their operations assumed by their related concessionaire.

Macau Legend, which operates its casinos under the license of SJM Resorts, said Tuesday it will “explore various options to continue the provision of management or any other forms of services related to the gaming operation at Babylon Casino and Legend Palace Casino after 31 December 2022 to the extent permitted by relevant laws and regulation of Macau, and will maintain close contact with SJM in this regard.”

Noting that the new gaming law will impact the operations of its subsidiary Hong Hock, the company added, “As a provider of casino management services focused on mass market customers and satellite casinos, Hong Hock has a strong reputation and is well established in the gaming industry, proving that its casinos outperform some of the other satellite casinos. Hong Hock is committed to continuing to provide effective casino management services and will continue to focus on developing and identifying partnership opportunities, as well as contributing to the gaming industry in Macau within the constraints of the new law.”

Although Macau Legend saw its group-wide revenues increase 62% to HK$1.14 billion (US$145 million) in 2021, with gaming revenues up 74% to HK$917.3 million (US$117 million), auditors said they were unable to form an opinion on the company’s financial accounts due to “potential interaction of the multiple uncertainties and their possible cumulative effect.”

The auditors noted that Macau Legend’s total bank borrowings amounted to HK$2.36 billion (US$301 million) as of 31 December 2022 of which HK$207 million (US$26 million) will be due for repayment within the next 12 months, while the group’s cash and cash equivalents amounted to just HK$133 million (US$17 million).

This indicates the existence of material uncertainties that may cast significant doubt on the group’s ability to continue as a going concern, it added.

Macau Legend, whose former CEO Levo Chan stepped down in January after being arrested and charged with criminal organization, illegal gambling and money laundering, recently revealed the company was planning to lay off 16% of its workforce.

RelatedPosts

Melco’s Tokyo office raided by Public Prosecutor as Akimoto scandal deepens

Melco prices new notes offering at US$500 million

Wed 17 Sep 2025 at 06:16
The changing face of Macau

Melco to launch private hospital at Macau’s Studio City as part of 10-year non-gaming concession commitment

Wed 17 Sep 2025 at 05:06
Police arrest 100 people after detecting 62 cases of illegal money exchange in joint Macau operation

Police arrest 100 people after detecting 62 cases of illegal money exchange in joint Macau operation

Mon 15 Sep 2025 at 22:58
Melco wins sustainability awards for “Above and Beyond” strategy

Melco proposes new notes offering, looking to redeem outstanding 2026 notes

Mon 15 Sep 2025 at 22:49
Load More
Tags: Babylon CasinoGoing concernLegend PalaceMacaumacau legend development ltdsatellite casinos
Share5Share1
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Evolution Asia
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
NWR

Related Posts

Melco’s Tokyo office raided by Public Prosecutor as Akimoto scandal deepens

Melco prices new notes offering at US$500 million

by Newsdesk
Wed 17 Sep 2025 at 06:16

Melco Resorts & Entertainment subsidiary Melco Resorts Finance Limited has priced its international offering of senior notes at US$500 million aggregate principal amount of 6.500% senior notes due 2033. The proceeds will be used to redeem all outstanding 5.250% senior...

Tinian senator puts forward bill to offer online gaming licenses

Chinese nationals launch legal action over alleged fraudulent use of investment funds assigned for Tinian casino projects

by Newsdesk
Wed 17 Sep 2025 at 05:34

A group of more than 20 Chinese nationals have filed a complaint with the Supreme Court of the State of New York alleging misrepresentation of investment opportunities connected to development projects in the Northern Mariana Islands (notably Tinian), the diversion...

The changing face of Macau

Melco to launch private hospital at Macau’s Studio City as part of 10-year non-gaming concession commitment

by Ben Blaschke
Wed 17 Sep 2025 at 05:06

Melco Resorts & Entertainment has unveiled plans to house a private hospital focused on imaging and diagnostic medical services at its Studio City integrated resort in Macau – part of the company’s commitment to invest in non-gaming attractions. Parent firm...

The 2023 Asian Gaming Power 50: Ones to watch

Hong Kong Stock Exchange deems Andrew Lo unsuitable to be director of LET Group or Summit Ascent due to attempted Tigre de Cristal sale

by Ben Blaschke
Tue 16 Sep 2025 at 15:14

The Stock Exchange of Hong Kong Ltd has imposed a Director Unsuitability Statement and a censure against Andrew Lo – the majority shareholder, Executive Director and Chairman of LET Group Holdings and Summit Ascent Holdings – deeming him unsuitable to...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English