Macau Legend reports revenue decline of 20.7 percent in 2015

Hong Kong-listed Macau Legend Development Ltd reported revenue of approximately HK$1.4 billion (US$180.5 million), representing a decline of 20.7 percent for the year ended Dec. 31, 2015, according to a filing to the Hong Kong Stock Exchange.

The group, which saw revenue at HK1.8 billion in 2014, said gaming revenue of the group decreased 29.9 percent to around HK$897.4 million, and non-gaming revenue increased slightly by 1.4 percent to HK$538.7 million compared to 2014’s results.

The company said the gaming revenue decrease was primarily a result of a decrease in revenue from mass market tables and outsourced VIP tables.

The slight increase in non-gaming revenue came from Macau Legend’s Harbourview Hotel at Macau’s Fisherman’s Wharf, which commenced operations in Feb. 2, 2015.

Adjusted EBITDA for the year was HK$268.3 million, a decrease of 64.7 percent over that of 2014.

Macau Legend held a ground-breaking ceremony on in February of this year for Project Cape Verde. The project is the first overseas project of the group and Macau Legend says it will “focus on Southeast Asian destinations where the‘‘One Road, One Belt’’ policy from China is supporting new investment in tourism and tourism related infrastructure and will also focus on Portuguese-speaking countries, like Cape Verde, to make good use of the Sino-Portuguese platform for the Group’s business diversification overseas.“

The group also added it remains committed to the successful completion of the Macau Fisherman’s Wharf redevelopment, with Legend Palace Hotel expected to complete in June, 2016.