China – Macau Legend sees gaming grow by 6.1 per centBy Phil - 29 March 2017
Macau Legend Development saw its revenue increase by 2.5 per cent year on year to HK$1,471.5m in 2016 with gaming revenue increasing by 6.1 per cent to HK$952.4m.
Savan Legend contributed reported revenue of HK$98.2m during the first four months under the ownership of the Group.
Gaming revenue of mass gaming tables at Pharaoh’s Palace Casino and Babylon Casino decreased by 9.1 per cent and 4.3 per cent year-on-year respectively, mass gaming tables at recently acquired Savan Legend contributed HK$38.6m.
Gaming revenue at the company’s VIP tables increased by 22.4 per cent year-on-year to HK$217.1m.
New Legend, the self-run VIP operation of the Group, contributed gaming revenue of HK$175.4m whilst VIP tables at Savan Legend contributed HK$16.8m in its four months.
Co-Chairman, Executive Director and Chief Executive Officer of Macau Legend, David Chow, said, “Despite a weaker start to 2016, the market conditions for Macau appear to have stabilised and we are seeing some recent improvements in both mass markets and VIP markets. In Macau for 2016, we were focused on the completion of the Legend Palace Hotel and Casino at Macau Fisherman’s Wharf . We are happy to announce that this 223 five stars hotel and casino opened on 27 February with 60 live tables and 92 slot machines. We would like to thank the Government of Macau for the additional 15 new gaming tables that were granted to Macau Legend to coincide with the opening of this property,” he said.
In early 2017, the management and management support teams relocated to new offices in the MFW and are now focused on ramping up revenues by consolidating existing and new customers at MFW, and also aggressively reducing costs by optimising systems and operations.
At the same time, the company continues to be focused on completing the disposal of The Macau Landmark. On September 1, the Group took over the ownership and operations for the Savan Vegas Hotel and Entertainment Complex in Laos.
Mr. Chow added: “We have re-branded this 472 rooms, 466 slot machines and 82 gaming tables property as Savan Resorts and expect to commence the renovation and expansion program as early as next month. We continue to be optimistic about the operations of Savan Resorts.”
In Cape Verde, construction works for the planned hotel and casino project has commenced. The integrated resort will be developed in two phases and the first resort hotel, casino and office building is targeted to be completed in upcoming two years.
David Chow said: “We remain very confident in our project at Cape Verde and are encouraged by the continued growth in tourist arrivals as well as the new resort projects and facilities being introduced to this market. We are cautiously optimistic about the remainder of 2017 as the economy in China stabilises, infrastructure connecting Macau to the region improves and more non-gaming tourist attractions are added to the market. In Macau, we will also complete the design of the fourth hotel at MFW soon and plan to start construction of this project by the middle of 2018. This fourth hotel and its facilities will be critical to improve the footfall and connectivity with the Boulevard part of Macau Fisherman’s Wharf and we expect to add some non-gaming amenities to support tourism as well as the local market in the Macau Peninsula.”