Mixed Photos For Macau Legend Development Limited

Asian casino operator Macau Legend Development Limited reported financial results showing a 1.9% year-over-year increase in overall revenue to $48.68 million in the third quarter as adjusted earnings before interest, tax, depreciation and amortization rose 1.2% to $9.73 million.

Hong Kong-listed Macao Legends Development Limited operates the Pharoah Palace Casino within The Landmark Macao Hotel in conjunction with the nearby Babylon Casino Macao in the former Portuguese residence Fisherman’s Wharf area under a gaming license held by SJM Holdings, and says total gaming revenue in the third quarter fell 13.5% year-over-year to $74.17 million.

But Macau Legend Development Limited, led by former Macau lawmaker David Chow Kampai as co-chairman and CEO, said it bought the Saban Vegas Hotel and Entertainment Complex for about $42 million in early September and that the Laos venue contributed $3.26 million in revenue for the month. After rebranding as Saban Legends Hotel & Casino, the casino in the country’s Saban Nackett State added adjusted earnings before interest, tax, depreciation and amortization to $1.83 million.

Macau Legends Development Limited’s deal to buy Saban Vegas Hotel and Entertainment Complex granted exclusive rights for 50 years in the Southeast Asian countries of Boli-Kamsai, Kammuan and Saban-Naket provinces, while excluding outsourced VIP table operations, total gaming revenue rose 12.8% to $58.22 million in the third quarter.

Macau Legends Development Limited also reported that its new Legends self-operated VIP operations contributed a 36.1% year-over-year increase in total gaming revenue of $16.37 million, with Saban Legends’ total gaming revenue reaching $2.63 million.

“The overall performance in the third quarter of 2016 improved compared to the previous quarter,” Chowkampai said. “Macao’s overall business environment appears to be somewhat stable.” While the profile of Macao visitors is clearly changing, we remain cautiously optimistic for the rest of the year and look forward to 2017.”

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