Macau Legend Development has issued a clarification regarding its recent change of auditor, confirming that Ernst & Young’s (EY) resignation was reached by mutual agreement after discussions over audit fees.
The company said it received EY’s signed resignation letter on December 1 2025, after the board communicated its intention to seek a fee reduction as part of ongoing cost control measures. Management noted that more competitive quotes had been offered by other audit firms, prompting the review. The board characterized the departure as a mutually agreed decision rather than a unilateral action.
Baker Tilly has been appointed as auditor for the financial year ending December 31 2025. According to the company, the lower proposed fee reflects Baker Tilly’s commercial approach, lower cost structure and operating model compared with Big Four firms. Management also expects reduced audit hours for FY2025 due to the disposal of the group’s Laos operations, the reclassification of its gaming segment as a discontinued operation and minimal activity at its Cape Verde project.
The Audit Committee said it had assessed Baker Tilly’s independence, competence and resources before approving the appointment. It highlighted that the proposed audit scope, key risk areas and timeline remain broadly consistent with prior years, and that the audit team comprises professionals experienced in auditing Hong Kong listed companies, including businesses with satellite casino interests in Macau.
Baker Tilly has allocated more than 3,000 man-hours to the engagement and commenced planning work in December 2025, with substantive procedures scheduled through March 2026.
The company said the auditor change will not affect operations, governance or financial strategy, and that further updates on the suspension of trading will be announced in due course.
Trading in Macau Legend shares remains suspended since June 26 2025, pending further announcements
