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Macau Legend posts HK$1.57bn loss after gaming exit

Group flags going concern uncertainty as bank covenants breached and HK$1.13bn impairment booked.

1 min read
Macau Legend fy
Key Points
Net loss of HK$1.57bn (US$201m) for 2025
Net current liabilities of HK$2.7bn at year end
HK$1.13bn impairment tied to Macau Fisherman’s Wharf assets

Macau Legend Development has reported a net loss of approximately HK$1.57bn for the year ended December 31 2025, as the group ceased its gaming operations at Legend Palace Casino and booked significant impairment charges.

Following the early termination of its service agreement with SJM in November 2025, the operator discontinued its gaming business at Macau Fisherman’s Wharf and reclassified the segment as a discontinued operation. As a result, the company now operates solely in non-gaming activities, including hotel, retail leasing, food and beverage, and property management at the waterfront complex.

Revenue from continuing operations fell 5.2% year on year to HK$358.6m, mainly due to lower hotel room revenue driven by a decline in average daily room rates. Adjusted EBITDA from continuing operations stood at HK$19.6m, down from HK$39.4m in 2024.

The group recognized an impairment loss of approximately HK$1.13bn on assets related to Macau Fisherman’s Wharf, contributing to a loss from continuing operations of HK$1.5bn. Total bank and other borrowings due within 12 months reached HK$2.4bn, compared with cash and bank balances of HK$27.10m.

Macau Legend reported net current liabilities of HK$2.7bn at year end and confirmed breaches of certain loan covenants. While repayment schedules have been partially extended through loan variation agreements, creditor banks retain the right to demand immediate repayment. The company is seeking covenant waivers and further restructuring support. To bolster liquidity, the group completed a rights issue in January 2026, raising net proceeds of approximately HK$86.40m.

Looking ahead, Macau Legend is repositioning Macau Fisherman’s Wharf as a fully non-gaming entertainment complex, expanding sports facilities, launching a new membership program, and introducing pet-friendly initiatives to drive visitation. No final dividend was declared for 2025.

Good to know

The directors prepared the financial statements on a going concern basis but acknowledged significant uncertainties remain

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