Macau Legend GGR down 59.1 percent in 15Q3

Macau Legend reported total gross gaming revenue from tables decreased by approximately 59.1 percent to HK$665.1 million ($85.8 million) in 15Q3 from the corresponding period in 2014.

The company said decreases included a 41.5 percent decline to HK$245.7 million from mass market tables at Pharaoh’s Palace Casino and a drop of 8.9 percent to approximately HK$61.5 million from mass market tables at Babylon Casino

Adjusted EBITDA decreased by 55 percent to HK$74.6 million in 15Q3  from approximately HK$165.7 million in 14Q3, excluding the pre-consolidation profit of New Legend.

At the company’s Harbourview Hotel in Macau, which opened on February 2 2015, the occupancy rate was 73.1 percent in the quarter and approximately 63.3 percent in year-to-date 2015. Revenue per available room was HK$638.2 in 15Q3  and approximately HK$588.6 in YTD 2015.

The filing added that the company reviewed its workforce which saw considerable retirements.

“The Group has recently conducted a manpower review to evaluate the effectiveness and efficiency of its human resources. As a result of the review, a total of 132 employees…retired between October and November 2015.”