The Macau casino business has been left by Macau Legend Development Limited

Macau Legend Development Limited, a local operator of casinos and hotels, has purportedly declared that it would no longer be managing the gaming operations at the 223-room Legend Palace Hotel and the 63-room Babylon Casino Macau.

GGRAsia claims that the Hong Kong-listed company provided gaming services at both of these Fisherman's Wharf locations through'satellite casino' arrangements with the more established operator SJM Holdings Limited. According to the source, however, the local government has now introduced regulations that might easily require such firms to really own any facilities from which they seek to offer gaming entertainment.

Approval from the higher ups:

According to reports, Melinda Chan Mei Yi, President of Macau Legend Development Limited's subsidiary Macau Fisherman's Wharf International Investment Limited, has confirmed the company's plan to withdraw from the Macau casino industry. She allegedly further said that the change was finalised on June 27 and that from that day forward, SJM Holdings Limited will be responsible for maintaining the gaming licences for both businesses until the end of the calendar year.

According to reports, Chan said 

Until December 31, 2018, SJM Holdings Limited will manage the Legend Palace Hotel and Babylon Casino in Macau.

Persistent risk:

SJM Holdings Limited recently took over the'satellite casino' licence held by the nearby Grand Emperor Hotel venue, but Chan reportedly revealed that her company will continue to remain responsible for all non-gambling amenities within the two Fisherman's Wharf facilities. To finance the acquisition of the Casino Oceanus at Jai Alai facility it currently operates from its Sociedade de Turismo e Diversoes de Macau (STDM) SA parent, the multinational corporation issued convertible notes for little more than $242.82 million a month earlier.

Leader in promotion:

According to reports, Chan stated that her company "has always operated and managed directly" the non-gaming operations at the Legend Palace Hotel and Babylon Casino Macau, and that this "has never changed." According to GGRAsia, this Macau firm also financially supports the Harbourview Hotel and Rocks Hotel, and it has in the past supported the Landmark Casino at the New Orient Landmark Hotel in the former Portuguese colony.

Flow of Money:

According to a report from late June, Macau Legend Development Limited stated that its net loss for the twelve months ending in December had decreased by 39.1% year on year, standing at slightly under $151.6 million. Despite this, the company allegedly announced yesterday that it had sold $25.48 million in bonds on "the open market" for a profit of roughly the same amount "in light of the market situation," presumably referring to the depressed state of the Macau casino scene following a series of shutdowns related to the coronavirus and heightened travel restrictions.