The Hong Kong-listed gaming and tourism operator disclosed that authorities in the Atlantic archipelago notified the firm on January 15 of their intention to seize the assets the following day and requested a voluntary handover. Macau Legend said it rejected the request, calling it without legitimate basis, but the government nonetheless entered the premises and assumed control.
According to Portuguese news agency Lusa, the Cape Verde government confirmed on Saturday that the takeover was finalized on Friday, concluding a reversion procedure based on a 2014 memorandum of understanding covering tourism and real estate investment in Praia’s bay area. Officials said they had taken all possible steps to ensure the project’s implementation but argued the contracts were “irremediably breached” by the investors.
The hotel-casino complex was first announced in 2015 by businessman David Chow, who pledged a €250 million investment. Construction began in 2016 but stalled amid financial difficulties, leaving the resort incomplete. The first phase had originally been scheduled for completion in 2021.
Cape Verde authorities revoked Macau Legend’s gaming concession in October 2023, citing doubts over the developer’s capacity to finish the project. Contracts were formally terminated in November 2024, with officials pointing to repeated violations of legal and contractual obligations tied to the tourism and gaming investment.
Macau Legend, said it is seeking legal advice and stressed that the assets had already been fully impaired in its 2024 annual report, with a carrying value of zero, and therefore the move would not materially affect its operations or financial performance.
The company has also acknowledged it expects to recognize significant impairment losses related to deposits, property, equipment, and right-of-use assets connected to its investment projects in Cape Verde and Macau.
