Macau Legend Development Group is pulling out of its overseas gaming projects in Cabo Verde and Cambodia, local media has reported.
Li Chu Kwan, the group’s president and CEO, announced his intent to withdraw from the two countries by 2025 in favour of developing non-gaming sides of the business.
The Macao-headquartered company – which owns Macau Fisherman’s Wharf and has operated casinos under SJM Holdings’ concession – also recently signed a letter of intent to sell its Savan Legend integrated resort, in Laos, for US$45 million (362.3 million patacas).
In January, Cabo Verde’s Prime Minister Ulisses Correia e Silva slammed Macau Legend’s investment in the African archipelago as “untenable”. At the time, he sought a completion date for the casino the company had agreed to build back in 2015.
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Cabo Verde has now reportedly revoked Macau Legend’s concession for the long-delayed integrated resort.
“There had already been indications for some time that there would be problems on the investor’s side, affecting their ability to complete the project,” the prime minister told media.
Macau Legend had also planned to develop an integrated resort in Cambodia, but a land deal in Siem Reap fell through – delaying the project indefinitely.
Last year, Macau Legend’s former co-chairman Levo Chan was imprisoned for illicit gambling and money laundering. Chan founded the now-defunct Tak Chun Group, a junket operator that brought high rollers to Macao for VIP gaming activities.
