Determined departure for Macau Legend Development Limited
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Legend Development Limited has stopped being responsible for the casinos within the Legend Palace Hotel and Babylon Casino Macau developments. The company had offered gaming within both of these properties under piggy-backed ‘satellite casino’ agreements with larger operator SJM Holdings Limited. However, these arrangements have been cancelled after the local government passed legislation that could oblige such companies to truly own any properties in which they hope to offer gambling entertainment.
Macau Legend Development Limited decided to abandon the Macau casino scene on June 27. SJM Holdings Limited will take over the operation of Legend Palace Hotel and Babylon Casino Macao until December 31st this year.
Legend Development Limited will continue to be responsible for non-gambling amenities within the Fisherman's Wharf facilities. SJM Holdings Limited recently assumed control over the ‘satellite casino’ license held by the nearby Grand Emperor Hotel venue.
Legend Development Limited is behind the Legend Palace Hotel and Babylon Casino Macau. GGRAsia explained that this Macao company is also behind Harbourview Hotel, Rocks Hotel venues and the Landmark Casino.
Macau Legend Development Limited's net loss for the year to the end of December reduced by 39.1% year-on-year to $151.6 million. The company disposed of bonds valued at approximately $25.48 million via the open market to realize a profit of about the same amount.
