Macau Legend, Cape Verde sign agreement for resort

A subsidiary of Macau Legend Development Ltd and the government of Cape Verde have signed an agreement to build a casino resort in the Cape Verde capital, Cidade da Praia on Santiago Island.

MLD CV Resorts Co has agreed to construct and operate hotel and tourism facilities, serviced apartments, villas, a marina and multi-function convention center for approximately €250 million ($273 million). The company has been awarded a 25-year gaming licence, which will be exclusive for the first 15 years.

MLD CV Entertainment Co paid the government approximately HK$10,140,000 as a one-off premium for the gaming concession, and will pay up to 1 percent of its gaming net profits to the government over a five-year period.  

Tourism has generally grown steadily in Cape Verde with the number of tourists visiting  reaching 428,000, 482,000 and 503,000 in 2011, 2012 and 2013, respectively. 

“Tourism declined for the first time in 2014 as the Ebola outbreak on the West African mainland deterred tourists from visiting. However, the International Monetary Fund expects a rebound in tourism in 2015,” the company said in its filing.