Macau Legend flags $182.6 million first-half loss on satellite casino closure

Macau Legend Development Ltd expects to post a HK$1.42 billion ($182.6 million) net loss for the first half of 2025, mainly due to an impairment tied to the closure of its satellite casino in Macau.

The hotel and casino operator disclosed in a filing to the Hong Kong stock exchange that the loss includes a HK$1.29 billion ($165.1 million) impairment linked to the planned shutdown of Casino Legend Palace, which it manages under the license of concessionaire SJM Resorts S.A. The service agreement with SJM is due to expire on Dec. 31, 2025, and will not be renewed.

Excluding the impairment and related tax effects, Macau Legend said its net loss would still widen by HK$23 million, or 21%, from a year earlier, driven by a HK$30 million drop in adjusted EBITDA from gaming operations. Revenue for the period is expected to fall 12% year-on-year.

Macau Legend operates the Macau Fisherman’s Wharf complex on the Macau peninsula, where Legend Palace is located.

The company’s announcement comes as Macau’s satellite casinos face industry-wide closures under revised gaming laws. Nine of the city’s 11 satellite casinos are scheduled to close by the end of 2025, after a three-year grace period.

Only Ponte 16 and L’Arc Macau are expected to remain open beyond 2025, with SJM Resorts planning to acquire and integrate both into its self-managed portfolio. Casino Grandview in Taipa closed on July 30, while no closure date has been set for Casino Legend Palace.