Macao Legend Development, a gaming and hotel services company, reported a net loss of nearly HK$4.9 million ($628,497) for the full year of 2023, with revenue of HK$916.6 million, up 26.7% year-on-year. Its 2023 loss was an improvement from the HK$672 million loss recorded in the prior year, according to Thursday's filing.
The company's expenses for 2023 were HK$741.4 million, down 29.2% year-over-year.
The Hong Kong-listed company has operations linked to Macao licensee SJM Holdings Ltd. and Legend Palace (pictured), one casino in Macao under a so-called service agreement. In 2022, the company was also linked to two other casinos in Macao, Landmark and Babylon.
Babylon Casino ceased operations on January 1 last year, and stopped serving its landmark casino at the end of June 2022. The company also suspended its VIP gaming promotion business in Macau in early 2023.
Macau Legends owns a tourist complex called Macao Fisher's Warf, a waterfront area close to the Outer Harbour Ferry Terminal on the Macau Peninsula and home to the Legend Palace. The company also operates a Saban Legends game resort in Laos.
Total reported revenue for gaming services in 2023 fell 5.0% year-over-year to about HK$493.1 million.
Although the VIP gaming promotion business, the operation of Babylon Casino, and the service provision of Landmark Casino all ended, reducing total gaming revenue by approximately HK$356.2 million, "the improvements observed in the public market table operation of Legendary Palace Casino ... And... The total gaming revenue of Saban Legend Casino has increased by about HK$331.3 million," said Macau Legend.
The company posted non-gaming revenue of HK$485.5 million last year, an increase of 112.2% compared to 2022. "The increase in non-gaming revenue is mainly attributed to the increase in hotel room revenue due to increased tourist visits since January 2023," the company said.
Macau Legend reported adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of HK$185.9 million for 2023, compared with a negative figure of HK$218.8 million a year earlier.
In December, Macau Legends confirmed it would dispose of the Saban Legends venue in an "initial" price of US$39 million. The group said at the time it expected a pre-tax profit on the disposal to be around HK$47 million. The deal was not yet closed, according to a filing on Thursday.
Macau Legends said in a filing that it had a net current debt of about HK$799.6 million as of Dec. 31 last year. The group's total bank and other borrowings amounted to nearly HK$2.57 billion, "of which HK$633.6 million is due to be repaid within a year".
CO'S CASH AND CASH EQUIVALENT TO HK$63.2 MILLION AT END OF 2023.
BY: 실시간 바카라사이트