Former Macau casino operator Macau Legend Development Limited has stated that it did not consent to the transfer of the building and assets of its stalled hotel and casino project in Cape Verde before authorities forcibly took possession last week.
In an official statement, Macau Legend — owner of the Macau Fisherman’s Wharf complex and former operator of the Legend Palace satellite casino under an SJM concession — said that on January 15, the Cape Verde government notified the company of its intention to take possession of the assets the following day. The authorities also requested the company’s presence to facilitate a voluntary handover.
“Ignoring our objections, the Cape Verde government took possession of the assets,” the statement read. The company has already sought legal advice regarding the matter.
Macau Legend also noted that the assets had been fully impaired in its 2024 financial statements, and therefore, the recent developments would not have a material adverse impact on the company’s operations or financial performance.
In November 2024, the Cape Verde authorities announced the termination of the Establishment Convention and its Addendum, initially signed with Macau Legend subsidiaries — MLD Cabo Verde Resorts SA and MLD Cabo Verde Entretenimento SA — citing alleged “flagrant and repeated” violations of obligations by the company.
According to the government, the subsidiaries breached the contract on multiple levels, including the transfer of more than 20% of their share capital without the approval of the Cape Verdean government. This refers to the 2020 sale of a 20.65% stake in the company to Levo Chan, then CEO of one of Macau’s largest casino operators — Tak Chun Group. Chan was later arrested and sentenced to 14 years in prison, reduced to 13 years on appeal, for illegal gambling, fraud, and money laundering.
The Cape Verde government also rejected Macau Legend’s claims that delays in the casino project were related to the COVID-19 pandemic.
The Macau Legend project in Cape Verde was first agreed by former company chairman David Chow in 2015, with a groundbreaking ceremony held in 2016. The project was planned to include a casino, hotels, MICE (meetings, incentives, conferences, and exhibitions) facilities, and a marina on a nearly 153,000-square-meter site, but work was stalled during the pandemic.
Don’t forget to subscribe to our Telegram channel!
