Macau Legend Development said it has not given up on the unfinished hotel-casino project in Cape Verde’s capital, Praia, despite the government reclaiming the site earlier this year.
In a statement to the Hong Kong Stock Exchange, the company said it is considering “possible actions (…) under legal advice” following the loss of the property located on Santa Maria islet and along the Gamboa waterfront.
Macau Legend added it will “take the necessary measures to safeguard the interests of the company and its shareholders,” including reviewing all available options to protect its position.
According to its 2025 financial report, the operator has set aside HK$32.4 million (€3.56 million) to cover potential litigation costs related to the project.
Read more about this topic: Cape Verde offers 16,000 euros in ideas competition for capital’s islet, intended for Macau Legend project
On January 17, the Government of Cape Verde took possession of the buildings and assets of the hotel-casino, which had been left unfinished for years. Three days later, Macau Legend argued that authorities had “no legitimate grounds” to reclaim the property.
The dispute had already impacted the company’s finances. In 2024, Macau Legend reported losses of HK$45.9 million (€5.44 million), partly linked to the risk of losing the Praia project.
The Cape Verdean government has since launched a public ideas competition for the site, open until mid-April, with selected proposals set to undergo public consultation.
Read more: Macau Legend says Cape Verde government seizure of stalled hotel-casino project has no “legitimate basis”
Meanwhile, Macau Legend’s financial situation has worsened significantly. The company confirmed a net loss of HK$1.57 billion (€172.5 million) in 2025—more than double the previous year—largely due to the closure of its last “satellite casino.”
The operator said the losses were mainly driven by a decline in the book value of its Fisherman’s Wharf project, as well as the shutdown of the Legend Palace satellite casino in November.
Satellite casinos—operated by third parties under the licenses of major concessionaires—have been phased out in Macau, with 10 of the 11 still operating in 2025 now closed.
The company also acknowledged “significant doubts about the group’s ability to continue as a going concern,” citing total debts of HK$2.7 billion (€297 million).
As part of efforts to stabilize its finances, Macau Legend launched a public tender in September to sell its “Legend Point” real estate project in nearby Hengqin, which includes a plaza designed in a Manueline architectural style.
