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August 04, 2015 10:31 AM ET

Hotels, Restaurants and Leisure

Company Overview of Macau Legend Development Limited

Company Overview

Macau Legend Development Limited, an investment holding company, engages in the ownership of entertainment and casino gaming facilities in Macau. The company operates through Gaming and Non-Gaming segments. It is involved in a portfolio of gaming and leisure activities through its properties located in the Macau Peninsula, namely The Landmark Macau, an integrated hotel, casino, and luxury shopping complex located in the Macau Peninsula; and Macau Fisherman’s Wharf, the waterfront entertainment complex, which features convention and exhibition centre, hotel, a marina, and a theme park, as well as dining, shopping, and entertainment facilities in Macau. The company also provides gaming service...

Macau Landmark Building

21st Floor

No. 555 Avenida da Amizade

Macau,  

Macau

Founded in 2006

3,400 Employees

Phone:

853 2822 2211

Fax:

853 2822 2266

Key Executives for Macau Legend Development Limited

Co-Chairman, Chief Executive Officer, Executive Director, Member of Nomination Committee and Member of Remuneration Committee
Age: 64
Total Annual Compensation: $24.8M
Vice Chairman and Member of Remuneration Committee
Age: 87
Total Annual Compensation: $5.0M
Executive Director and Member of Nomination Committee
Age: 51
Total Annual Compensation: $4.0M
Compensation as of Fiscal Year 2014.

Macau Legend Development Limited Key Developments

Macau Legend Development Limited's Subsidiaries to Develop Integrated Resort and Casino Facility in Cape Verde

Macau Legend Development Limited reported that MLD Cabo Verde Resorts, S.A. (CV Resorts Co) and MLD Cabo Verde Entretenimento, S.A. (CV Entertainment Co), both subsidiaries of the company, have entered into several agreements with, among others, the Government of the Republic of Cape Verde to develop a 152,700 square-meters integrated resort and gaming facility complex. The group said the project is located at a 119,200 square-meters land and sea areas and a 33,500 square-meters beach area at Praia, the capital city of Cape Verde, on Santiago Island. The land concession for the project is 75 years. The agreements also include the granting of a gaming concession to CV Entertainment Co for operation of casino games of fortune and chance in Cape Verde. Under the agreements, CV Resorts Co will invest not less than EUR 250 million (approximately HKD 2.15 billion) to construct an integrated resort and gaming facility complex including hotels, office buildings, property development, retail, dining, convention center, museum, function areas, a clubhouse and a marina.

Macau Legend Development Limited Provides Group Earnings Guidance for the Six Months Ended June 30, 2015

Macau Legend Development Limited provided group earnings guidance for the six months ended June 30, 2015. For the six months, the company announced that, based on the preliminary review of the unaudited consolidated management accounts of the group, it is expected that the group may record a loss for the six months ended 30 June 2015 as compared to the profit in the corresponding period in 2014. The expected loss for the six months ended 30 June 2015 is mainly attributable to, including but not limited to: a decrease in revenue from gaming services provided by the group due to a decrease in overall gross gaming revenue generated from the gaming tables in the casinos within the group's properties, an increase in overall operating expenses, particularly staff costs, and an increase in overall depreciation and amortization charges, particularly the depreciation of Harbourview Hotel, which commenced operations on 2 February 2015, and the amortization of intangible assets arisen from the consolidation of the financial results of New Legend VIP Club Limited since 3 July 2014. Notwithstanding the company announced that the expected loss to be recorded for the six months ended 30 June 2015, the group remains confident in its current business strategies, and will actively seek opportunities for business expansion so as to maximize value for its shareholders, partners and customers.

Macau Legend Development Limited Reports Unaudited Group Earnings Results for the First Quarter Ended March 31, 2015

Macau Legend Development Limited reported unaudited Group earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total gross gaming revenue of gaming tables decreased by approximately 53.8% to approximately HKD 1,134.5 million from approximately HKD 2,456.9 million in the corresponding period in 2014. Total reported revenue decreased by approximately 21.1% to approximately HKD 364.2 million in first quarter 2015 from approximately HKD 461.4 million in first quarter of 2014. Adjusted EBITDA decreased by approximately 65.6% to approximately HKD 74.9 million in first quarter 2015 from approximately HKD 218.0 million in first quarter 2014.

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