# Casino Services Company Macao Legend First Half Losses

Macau Legend Development, a Hong Kong-listed casino services company, said on Thursday it had lost HK$107.5 million ($13.7 million) in the first half of 2019. That compares with a profit of HK$2.85 billion in the same period last year.


The company's first-half 2018 earnings were boosted by the sale of its landmark Macau hotel for about HK$4.6 billion. The company still manages game operations in its accommodation.

Macau Legends operates a total of three gaming facilities on the Macau Peninsula, including Legendary Palace Casino, Babylon Casino, and Landmark Casino, as well as a casino resort, Saban Legend Hotel, and Casino in Laos. Legendary Palace Casino and Babylon Casino are located in the waterside entertainment complex Macau Fisherman's Wharf run by Macau Legends.

Macau Legend reported first-half earnings at the end of the trading day, saying adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) fell 24.5% year-over-year to about HK$151.5 million.

Total sales improved to nearly HK$1.08 billion in the six months ended June 30, up from HK$951.6 million a year earlier. Gaming was the biggest contributor to total sales, up 28.7% to about HK$867.5 million in the January-June period of 2019. Non-gaming sales fell about 22.8% year-over-year to HK$214.2 million in the first half.

The increase in gaming revenue was mainly due to a 32.2% jump in revenue at the Legends Palace Casino (pictured) to about HK$455.3 million. Gaming revenue at Babylon Casino also increased during the period, reaching HK$78.8 million, up HK$19.5 million from a year earlier. However, gaming revenue at the Laos-based Saban Legends Casino declined during the first half of 2019, slightly below HK$113 million compared to HK$123.6 million a year earlier.

As of June 30, there are a total of 194 game tables in Macau, 176 of which are in operation. Macau Legends has 55 game tables, which are in operation at Saban Legends Casino.

Popular market tables continue to be a significant business driver for Macau Legends' sales in the first half of 2019, with Legends Palace Casino Hotels increasing 24.3% to HK$316.2 million from HK$254.3 million a year earlier in the first half of 2019.

Macau Legend's board of directors has not declared a six-month interim dividend until June 30.

"We plan to focus our efforts on continuous improvement and relocation of the Macau Fishermen's Pier," the company said in a Thursday filing within the Macau Peninsula market.

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