• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 2 July 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 says no concerns over ability to continue after reaching agreement with lenders to defer HK$2.1 billion in looming repayments

Ben Blaschke by Ben Blaschke
Wed 2 Jul 2025 at 06:19
Macau Legend says no concerns over ability to continue after reaching agreement with lenders to defer HK$2.1 billion in looming repayments

Legend Palace

7
SHARES
172
VIEWS
Print Friendly, PDF & Email

Macau Legend Development Ltd, owner and operator of Legend Palace and the Macau Fisherman’s Wharf precinct, says it has reached an agreement with lenders to defer payments on loans amounting to almost HK$2.1 billion (US$268 million) until late 2026, as well as implementing a “loan variation agreement” or payment plan on a loan facility.

The debt restructuring follows auditors previously issuing a disclaimer of opinion on multiple uncertainties relating to the group’s ability to continue as a going concern given the contrast between Macau Legend’s cash and bank balances of HK$52.3 million (US$6.7 million) as of 31 December 2024, and its outstanding loans. These loans include total bank borrowings of HK$2.07 billion (US$264 million) that are either due for repayment within the next 12 months or are repayable on demand, and shareholders’ loans of HK$339.4 million (US$43.2 million) also due within one year or repayable on demand.

Going concern uncertainties have become even more pressing following confirmation last month that the company’s Legend Palace property will no longer be able to operate as a satellite casino from 1 January 2026 onwards.

In a Tuesday filing, Macau Legend said it has successfully agreed upon and executed a loan variation agreement with its bank regarding an outstanding bank loan of HK$85.5 million (US$10.9 million) which defers the repayment of the entire outstanding loan principal to October 2026.

It has also executed a loan variation agreement on the remaining HK$2 billion (US$255 million) owing, which provides for a facility restructuring arrangement including a monthly principal repayment of HK$1 million (US$127,400) for 19 consecutive months from February 2025 to August 2026. The arrangement includes deferral of repayment of the outstanding instalments of the loan principal in default and instalments to be due in 2025 to September 2026, with the remaining outstanding loan principal fully repaid by September 2027 as scheduled and the imposition of supervisory terms for enhanced liquidity monitoring.

“The company and the banks anticipate to commence further negotiations by April 2026 to implement and finalize a long-term resolution for the then outstanding instalments, accounting for any potential impact of the impending revisions to the Macau’s gaming laws and regulations to be effective on 1 January 2026,” Macau Legend said.

It added that a substantial shareholder to whom the company owes HK$205 million (US$26.1 million) – representing 60.4% of total current shareholders’ loans – had provided written financial support confirmation in April stating that no demand for repayment will be made until the Group is capable of repaying the outstanding amounts and that additional financial support may be provided as needed.

Macau Legend stated that, with its short-term debt concerns addressed, it now plans to engage in “proactive discussion” with its auditors to “determine whether the disclaimer can be removed or an unqualified opinion with emphasis of matter can be issued on such basis for the upcoming financial statements as appropriate.”

It also added that the company’s internal Audit Committee had found “no sufficient grounds to disagree with the management’s assessment of the company’s ability to continue as a going concern for the next 12 months, and considered that preparing the Financial Statements on a liquidation basis or a realisation basis would not be justified under the circumstances.”

RelatedPosts

Macau GGR comes in at MOP$18.9 billion in April, up 1.7% year-on-year

JP Morgan: Macau GGR surge seemingly sparked by direct VIP, ultra-premium mass gaming customers

Tue 1 Jul 2025 at 18:15
On the brink

Macau GGR continues recent resurgence by rising 19% year-on-year to MOP$21.1 billion in June

Tue 1 Jul 2025 at 12:52
113 East gains Macau distribution rights for two environmental products aiding food waste reduction and air purification

113 East gains Macau distribution rights for two environmental products aiding food waste reduction and air purification

Mon 30 Jun 2025 at 12:26
Macau ranks first in China Tourism Academy’s “2024 Chinese Travellers Outbound Satisfaction Top 10 Destinations”

Macau ranks first in China Tourism Academy’s “2024 Chinese Travellers Outbound Satisfaction Top 10 Destinations”

Sun 29 Jun 2025 at 09:57
Load More
Tags: Going concernLegend PalaceLendersLoan repaymentMacauMacau Legend
Share3Share
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 – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Abbiati: Italian Stallion

Abbiati targeting North and South American markets via strategic alliance with Hawkins Holdings

by Newsdesk
Wed 2 Jul 2025 at 09:39

Global gaming equipment supplier Abbiati Casino Equipment has entered into a strategic alliance with Hawkins Holdings – a company owned by seasoned gaming executive Roger Hawkins – to expand its presence across the Americas. Hawkins has been appointed Abbiati’s Brand...

Apollo completes acquisition of IGT gaming and digital businesses and Everi, new entity to trade under IGT name

Apollo completes acquisition of IGT gaming and digital businesses and Everi, new entity to trade under IGT name

by Ben Blaschke
Wed 2 Jul 2025 at 06:28

Asset management giant Apollo announced overnight that it has completed the acquisition of FinTech firm Everi Holdings and the Gaming and Digital businesses of International Game Technology (IGT). The two companies will be combined into a single enterprise operating under...

Aristocrat Gaming awarded license to develop MONOPOLY slot games globally

Aristocrat Gaming awarded license to develop MONOPOLY slot games globally

by Newsdesk
Wed 2 Jul 2025 at 06:21

Aristocrat Gaming has been granted the rights to develop MONOPOLY-branded slot games following the completion of a competitive RFP process, the company has revealed. The multi-year partnership with board game giant owner of the MONOPOLY brand Hasbro will come into...

Macau GGR comes in at MOP$18.9 billion in April, up 1.7% year-on-year

JP Morgan: Macau GGR surge seemingly sparked by direct VIP, ultra-premium mass gaming customers

by Ben Blaschke
Tue 1 Jul 2025 at 18:15

The unexpected resurgence of Macau gaming revenues over the past two months, which culminated in June GGR smashing consensus at 19% year-on-year growth, appears to have been supported by the performance of the high-end gaming segments, according to investment bank...



IAG

© 2005-2024
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

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English