The Hong Kong-listed Macau Legend Development Ltd is bracing for almost HKD 1.57 billion (around $200 Million) loss in 2025, a large increase from the HKD 623 million loss recorded for 2024.
Macau’s overall elimination from its electronic and gaming operations has played a significant part in the company’s downturn after Legend Palace closed at the Macau Fisherman’s Wharf on November 12, 2025, when its service agreement with SJM Holdings ended because of Macau’s wider phased removal of satellite casinos.
The projected losses for the company are mainly due to an HKD 1.18 billion impairment charge booked in 2025, significantly higher than the HKD 376 million related to the casino and other assets in 2020.
In addition to asset impairments, Macau Legend has also included HKD 71 million in employee-related expenses for long service payments related to their closure, as well as payment for employment related to the closure of the casino, which has also impacted dramatically on the company’s financial performance.
The actions of the government of Macau to eliminate satellite casinos by December 31, 2025, have had a significant effect on the ability of operators like Macau Legend to rebuild their business model. The closing of Legend Palace is an example of how changes in regulations do directly impact the value of assets and long-term business model of operators.
Moving forward, the company will look to its non-gaming portfolio to stabilize its financial performance and without casino operations, there will be continued to be challenges in establishing other sources of revenue prior to 2026.
