Macau Legend Development Ltd – owner of the Macau Fisherman’s Wharf Precinct and former operator of now shuttered satellite casino Legend Palace – says it is well-placed to cover short-term debt following its recent rights issue.
As reported by Inside Asian Gaming, the company raised HK$86.4 million (US$11.1 million) via the rights issue last month, despite shareholders subscribing for only half of the share rights on offer.
In a filing, Macau Legend said that it will use around HK$30 million of those proceeds for the payment of existing trade and other payables by 28 February 2026, HK$17 million for the payment of existing property tax payable by 15 February 2026 and the remaining portion for interest payments and general operating expenses through this year.
It added that the existing property tax payable by 15 February 2026 has already been paid in full and partial payments made toward its existing trade and other payables. The remaining balances will be paid on schedule by 28 February 2026, it added.
Macau Legend also outlined the status of a recent restructuring of its bank borrowings and said it has been repaying the relevant bank loans as scheduled in accordance with the relevant loan variation agreements. The company has not, it stated, received any demand from its banks for immediate repayment of the group’s bank borrowings despite having also received no waiver in respect of the non-compliance of loan covenants.
“The Company remains in ongoing communication with the relevant banks regarding the restructuring arrangement of the bank borrowings and the waiver in respect of the non-compliance of loan covenants,” Macau Legend said.
Likewise, the company revealed it has obtained letters of support from the major shareholder that has issued more than 85% of its current shareholder loans confirming they would not demand repayment until the Macau Legend is capable of repaying the loans in full and may provide additional financial support as needed.
The update represents Macau Legend’s efforts to resolve a disclaimer of opinion by the group’s auditors on its financial results for the year ended 31 December 2025.
The company previously detailed multiple uncertainties relating to its ability to continue as a going concern after reporting a loss of HK$1.42 billion (US$182 million) in the six months to 30 June 2025.
