Macau Legend reports 70% revenue drop for full year 2020

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Macau Legend reports 70% revenue drop for full year 2020

Macau Legend has reported revenue of HK$700.7m ($90.2m) for the year ended 31 December 2020, a 70% drop from the HK$2.4bn recorded in 2019.

The company’s net loss was HK$1.96bn, almost ten times the HK$190m reported the previous year.

Total gaming revenue was HK$526.8m, a 72% year-on-year decline from HK$1.9bn in 2019. Mass market tables brought in HK$417m in 2020 compared to HK$1.5bn in the prior-year period. VIP tables earned HK$89m against HK$316m, while revenue from slot machines was HK$20.5m, compared to HK$92m in 2019.

One of the group’s vain venues, Legend Palace Casino, brought in a total of HK$200m in gaming revenue in 2020, a 77% year-on-year decline.  The decrease in gaming revenue was primarily due to the Covid-19 pandemic, which negatively impacted the revenues from the group’s casinos.

As of 31 December 2020, the operator had a total of 194 gaming tables in Macau, 185 of which were operational.

Adjusted EBITDA for the year ended 31 December 2020 was a loss of approximately HK$429.3m, a 217.4% decrease from a profit of HK$365.8m in 2019. Total non-gaming revenue dropped by 62% from HK$461.5m in 2019 to HK$173.9m in 2020.

Macau Legend is currently developing property in Cape Verde, with the exterior architectural work of the office building already completed, with the foundation of the property nearly complete. The construction plan of the hotel and casino complex is currently being revisited.