Cabo Verde issues final ultimatum to Macau Legend over stalled casino-resort project

Cabo Verde has given Macau-based developer Macau Legend Development a final 60-day deadline to submit a new proposal for its long-stalled casino-resort project in the capital, Praia, warning that failure to do so will lead to contract cancellation and the site being offered to other investors.

The ultimatum follows years of delays on the €250 million ($294.3 million) development, which was signed in 2015 by Macau Legend’s founder, David Chow Kam Fai. Construction began in 2016 but halted well before the first-phase deadline of 2021, leaving behind a fenced-off, eight-story shell.

“There’s practically no movement on that building site, and the government wants to see it resolved one way or another,” Cabo Verde’s Minister of Internal Affairs, Paulo Rocha, told Portuguese news agency Lusa. He said Macau Legend “has had several opportunities and has this one last chance.”

Rocha confirmed that while the company claims to have a new proposal, authorities are still “waiting” for it to be presented, “even while the process of reversing the project is underway.”

The 160,000-square-meter development includes the Santa Maria islet and the Gamboa seafront in the capital city. Cabo Verde’s government launched a reversion process in November 2023 and formally terminated contracts with Macau Legend in late 2024, citing the company’s repeated failure to meet obligations.

Macau Legend, which owns Fisherman’s Wharf in Macau, has struggled financially in recent years. The company reported losses for fiscal year 2024 and carries HK$2.51 billion ($321 million) in debt. Its Legend Palace Casino is also expected to close by January 2026 due to changes in Macau’s gaming laws.

Despite these setbacks, the developer recently reached a deal with lenders to extend repayment on a HK$2.1 billion loan to late 2026. The company said it is exploring legal options to challenge Cabo Verde’s reversion of the project.

“The government is interested in finding a solution,” Rocha said, but added, “If it doesn’t present a proposal within the timeframe given, the reversion process will be finalized and then the government will look for other, probable, possible investors.”

Macau Legend has previously indicated plans to exit its casino ventures in Cabo Verde and Cambodia by 2025 to refocus on non-gaming sectors.