Macau Legend returns to profit in 2018 on Landmark sale Legend Palace

first_img Strong VIP growth sees Okada Manila GGR climb 72% in August Lack of premium mass strategy begs questions of SJM’s Grand Lisboa Palace launch: analysts Macau gaming operator Macau Legend Development Ltd moved back into the black in 2018, booking a profit of HK$1.97 billion (US$251 million) compared with a loss of HK$507.3 million 12 months earlier.The reversal was due primarily to the company’s April 2018 sale of The Landmark Macau to four buyers for HK$4.6 billion (US$586 million), although Legend Palace, the peninsula IR located at the northern end of Macau Fisherman’s Wharf (MFW), also enjoyed stronger gaming revenue in its first full year of operations. RelatedPosts Load More Group-wide gaming revenue in 2018 grew 12.2% to HK$1.36 billion with Legend Palace Casino contributing HK$682.5 million – an increase of 123.6% over 2017 revenue when the property operated for just 10 months and suffered a temporary closure due to damage from Typhoon Hato.Legend Palace’s improved results were largely due to mass market operations, which grew 106.6% to HK$560.9, although VIP enjoyed the greatest percentage increase, up 296.6% to HK$115.5 million.However, gaming revenue declined slightly at both Babylon Casino (HK$110.2 million) and Laos casino Savan Legend (HK$231.2 million), with Landmark Casino – which is still managed by Macau Legend – seeing its contribution fall 38.8% to HK$334.1 million.Group-wide revenue for FY18, including non-gaming segments, ultimately grew by 1.6% to HK$1.87 billion while Adjusted EBITDA rose 29.6% to HK$359.8 million.In a management discussion of the company’s 2018 results, Macau Legend said it would continue to focus on improvements to its current offerings, particularly in Macau as work continues on its Macau Fisherman’s Wharf precinct.“The group … is working towards the introduction of a virtual reality experience center, a wax museum and new dining facilities in the second half of 2019,” it said.“The convention and exhibition center will also be upgraded with completion targeted for 2020. Together with the continued improvement of existing offers, the new additions will further reposition MFW as a prime tourist attraction on the Macau Peninsula.” New Chief Executive vows to protect Macau’s gaming and tourism industry from harmlast_img read more