Led by businessman David Chow, the Macau Legend Group has informed investors that the construction of the hotel and casino in Praia (Cape Verde) is expected to be completed by the end of 2020.
According to the note from the Macau Legend group, dated August 2019, the office building and infrastructure on Santa Maria islet (Praia) "will be completed by the end of 2019, and the new hotel and casino will be completed by the end of 2020."
"Some changes to the original plan are necessary in order to accommodate local geographic limitations, but overall the project is on the right track," the document reads.
On May 10 Lusa reported that the owners of the resort and casino to be built on Santa Maria islet (right in front of Praia city) will implement the project in phases. Current estimates for the initial investment stand at €90 million, almost three times the original budget.
Led by Macau businessman David Chow, the Macau Legend Group was forced to make an amendment to the previous agreement with the Cape Verdean government, as published in the country's Official Gazette in April.
In 2015, David Chow -- a Portuguese-Chinese businessman involved in Macau's tourism, entertainment and gambling industries -- signed an agreement with the Cape Verdean government to build the Gamboa resort on Santa Maria islet.
The foundation stone of this project was laid in February 2016.
Spanning about 152.700 square meters and boasting an estimated investment of €250 million -- about 15% of the country's GDP -- this will be the largest tourist resort in Cape Verde. And it will also include the country's first licensed gambling site.
David Chow has obtained a 25-year gambling license from the government, 15 of which on an exclusive basis for Santigo Island. This gambling concession has cost CV Entertainment Co., a Macau Legend Group subsidiary, about €1.2 million.
The Group has also obtained a license to operate the online gambling and sports betting market for 10 years -- again on an exclusive basis.
The project, which includes a large oceanfront building that will house a casino and a hotel, has sparked criticism and piqued the curiosity of passers-by, who have become accustomed to seeing the walls with Chinese characters and the recently painted building.
However, the addendum to the agreement between the company and the Cape Verdean government, published in the country's Official Gazette on April 8, states that "given the evolution of the country's environment for the enterprise over the past two years, the promoter has suggested, and the Government has decided to accept, a proposal for a phased investment project".
Thus, during the first phase of the project, which should be completed within 22 months, the company will invest €90 million.
By then, the document reads, the company should have completed the bridge to Santa Maria islet, the landscaping, the parking lot and supporting facilities, a 250-room hotel with a "boutique casino," a large swimming pool, and various facilities for restaurants, bars and shops.
The minute states that "the remaining project phases are subject to market conditions and policies adopted by the government of Cape Verde, aiming at mutual benefit."
The other phases of the project "will be submitted for consideration by the government of Cape Verde after the conclusion of the first phase," the document reads.