Macau Legend warns of $63.2m loss for H1
Macau Legend Development has issued a profit warning, stating an expected loss of HKD490m ($63.2m) for the first half of 2020.
The prediction is currently unaudited, though it remains a significant drop from the loss of HKD107m the company reported for H1 2019.
Macau Legend says the higher loss “is primarily due to the significant decrease in revenue as a result of the social distancing measures and travel restrictions imposed by the authorities in response to the COVID-19 pandemic; which have severely declined the tally of visitor arrivals to Macau and Laos in the first half of 2020.”
The company runs Fisherman’s Wharf in Macau, a gaming and tourism complex which houses two gaming venues and several hotels, and Savan Legend Hotel and Casino in Laos.
Casinos in Macau are open; however, the strict global quarantine measures that were set since mid-March limit the number of guests allowed to visit the venues.
Recently, CEO David Chow stepped down from his position, remaining only as executive director and co-chairman. He was replaced by his wife Melinda Chan, who was President of Macau Fisherman’s Wharf International Investment Limited since 2017.
Macau Legend expects to publish the audited version by the end of August.
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