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Public company info - Macau Legend Development Ltd. , 01680.HK

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Macau Legend Development Ltd., 01680.HK - Company Profile
Chairman Chow Kam Fai, David, Tong Ka Wing, Carl
Share Issued (share) 4,294,967,295
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Gamble
Corporate Profile Business Summary: The Group businesses include (i) the provision of Gaming Services to SJM in two major casinos on The Group’s properties, namely Pharaoh’s Palace Casino in The Landmark Macau and Babylon Casino at Macau Fisherman’s Wharf; and (ii) the operation of the hotels, entertainment and leisure facilities within The Group’s properties. Performance for the year: For the year ended 31 December 2016, the Group achieved a total reported revenue of approximately HK$1,471.5 million, representing an increase of approximately HK$35.3 million or approximately 2.5% over that of the year ended 31 December 2015 of approximately HK$1,436.1 million. Adjusted EBITDA for the year ended 31 December 2016 was approximately HK$215.6 million, representing a decrease of approximately HK$52.8 million or approximately 19.7% over that of the year ended 31 December 2015 of approximately HK$268.3 million. Business Review: A. Gaming Services The Group’s revenue from gaming services consisted of (i) service income received from SJM for services and facilities provided relating to mass market tables, VIP tables and slot machines and (ii) casino operations in the Lao PDR. As at 31 December 2016, the Group had a total of 179 gaming tables in Macau (31 December 2015: 179), of which 133 (31 December 2015: 127) were put into operation. The Group had 84 gaming tables which were put into operation in the Lao PDR. For the year ended 31 December 2016, the Group recorded approximately HK$952.4 million revenue from gaming services, representing an increase of approximately HK$55.0 million or approximately 6.1% over that of the year ended 31 December 2015 of approximately HK$897.4 million. Mass Market Tables The Group’s revenue from mass market tables for the year ended 31 December 2016 was approximately HK$690.7 million, representing a decrease of approximately HK$20.8 million or approximately 2.9% over that of the year ended 31 December 2015 of approximately HK$711.5 million. Revenue from mass market tables at Pharaoh’s Palace Casino decreased by approximately 9.1% to approximately HK$539.9 million while revenue at Babylon Casino decreased by approximately 4.3% to approximately HK$112.1 million. Savan Vegas Casino has contributed a total of approximately HK$38.6 million of revenue at mass market tables since Acquisition. For the year ended 31 December 2016, net win per table per day of mass market tables at Pharaoh’s Palace Casino and Babylon Casino decreased by approximately 8.2% to approximately HK$45,000 and approximately 22.7% to approximately HK$17,000 over that of the year ended 31 December 2015 of approximately HK$49,000 and HK$22,000, respectively. VIP Tables The Group’s revenue from VIP tables for the year ended 31 December 2016 was approximately HK$217.1 million, representing an increase of approximately HK$39.8 million or approximately 22.4% over that of the year ended 31 December 2015 of approximately HK$177.3 million. During the year ended 31 December 2016, approximately HK$175.4 million was contributed from New Legend through the VIE Structure. While during the four months period ended 31 December 2016, approximately HK$16.8 million was contributed by Savan Vegas Casino. Revenue from outsourced VIP tables decreased by approximately HK$10.4 million or approximately 29.5%. For the year ended 31 December 2016, net win per table per day of VIP tables at Pharaoh’s Palace Casino decreased by approximately 22.8% to approximately HK$95,000 over that of the year ended 31 December 2015 of approximately HK$123,000. Net win per table per day of VIP tables at Babylon Casino decreased by approximately 36.8% to approximately HK$12,000 over that of the year ended 31 December 2015 of approximately HK$19,000. Win percentage and net win per table per day of VIP tables at Savan Vegas Casino were approximately 3.4% and approximately HK$8,000 respectively. Slot Machines The Group’s revenue from slot machines at Pharaoh’s Palace Casino and Babylon Casino for the year ended 31 December 2016 decreased by approximately 0.5% to approximately HK$8.4 million and increased by approximately 475.4% to approximately HK$0.7 million, respectively, when compared to the year ended 31 December 2015. The Group’s revenue from slot machines at Savan Vegas Casino for the four months period ended 31 December 2016 was approximately HK$35.6 million. B. Non-gaming Operations For the year ended 31 December 2016, the Group recorded a total non-gaming revenue of approximately HK$519.0 million, representing a decrease of approximately HK$19.7 million or approximately 3.7% over that of the year ended 31 December 2015 of approximately HK$538.7 million. Out of the total non-gaming revenue, revenue from (i) The Landmark Macau accounted for approximately HK$208.9 million or approximately 40.3% of the total non-gaming revenue (for the year ended 31 December 2015: approximately HK$224.0 million or approximately 41.6%); (ii) MFW accounted for approximately HK$302.9 million or approximately 58.3% of the total non-gaming revenue (for the year ended 31 December 2015: approximately HK$314.8 million or approximately 58.4%); and (iii) Savan Legend accounted for approximately HK$7.2 million or approximately 1.4% of total non-gaming revenue (for the year ended 31 December 2015: Nil). The shortfall in non-gaming revenue was primarily due to the decrease in revenue from The Landmark Macau of approximately HK$15.0 million which in turn was mainly caused by the decrease in income from hotel rooms of approximately HK$4.1 million or approximately 4.6% and income from building management services by approximately HK$5.9 million or approximately 15.7%. The decrease in non-gaming revenue of MFW Group was approximately of HK$11.9 million or approximately 3.8% primarily due to the decrease in licensing income from investment properties of approximately HK$19.4 million. The overall shortfall in non-gaming revenue was offset by increase in (i) revenue of Harbourview Hotel at MFW of approximately HK$25.7 million or approximately 22.3%, which commenced its operation since 2 February 2015 and (ii) revenue contributed by Savan Legend of approximately HK$7.2 million since Acquisition. The Landmark Macau The occupancy rate of The Landmark Macau for the year ended 31 December 2016 was approximately 78.1%, an increase of approximately 10.9% over that of the year ended 31 December 2015 of approximately 67.2%. For the year ended 31 December 2016, ADR and REVPAR of The Landmark Macau decreased by approximately 21.2% and approximately 8.4%, respectively, when compared to those of the year ended 31 December 2015. Macau Fisherman’s Wharf Rocks Hotel The occupancy rate of Rocks Hotel for the year ended 31 December 2016 was approximately 78.4%, remain stable than that of the year ended 31 December 2015. For the year ended 31 December 2016, ADR and REVPAR of Rocks Hotel both decreased by approximately 13.3% when compared to those of the year ended 31 December 2015. Harbourview Hotel The occupancy rate of Harbourview Hotel for the for the year ended 31 December 2016 was approximately 77.9%, an increase of approximately 12.3% over that of the period from its opening to 31 December 2015. For the year ended 31 December 2016, ADR and REVPAR of Harbourview Hotel decreased by approximately 11.9% and increased by approximately 4.6%, respectively, when compared to those of the period from its opening to 31 December 2015. Savan Legend Resorts The management and operations of Savan Legend Resorts was taken over by the Group on 1 September 2016. The occupancy rate of Savan Legend Resorts for the four months period ended 31 December 2016 was approximately 52.2%. ADR and REVPAR of Savan Legend Resorts were approximately HK$159.1 and approximately HK$83.0, Respectively. C. Corporate and Business Updates (a) MFW Redevelopment Legend Palace Hotel Legend Palace Hotel, the second new hotel under the MFW Redevelopment, opened on 27 February 2017. It is a five-star deluxe-themed hotel in the style of Central/Northern Asian medieval architecture with 223 opulent guest rooms including suites. The hotel includes a new in-house casino. Legendale Hotel Legendale Hotel, the third new hotel under the MFW Redevelopment, will be a flagship five-star deluxe rating hotel modelled after the Neo-Renaissance style of architecture from the mid-17th century Central European period with a planned 500 guest rooms including suites and a new in-house casino. Design concepts of the hotel have been developed. We have applied to the relevant government authority in Macau for increasing the height of the hotel and are awaiting for its decision. Once the approval for the height application has been obtained, construction of the hotel will commence accordingly with a target construction completion by the end of June 2019. Other redevelopment In addition to the above progress of the two new hotels of the MFW Redevelopment, the Group has also made progress on other projects of the MFW Redevelopment. (b) Project Cape Verde On 22 July 2015, the Company entered into agreements with the Government of Cape Verde for Project Cape Verde, with an investment amount of approximately €250 million (equivalent to approximately HK$2,150 million). The lease of the designated land for Project Cape Verde is 75 years. The Group has been granted a 25 years gaming concession on Santiago Island (of which the first 15 years is on an exclusive basis). In addition, the Group has been granted an exclusive nationwide operation of online gaming, physical and online sports betting for a period of 10 years from the commencement of operation of the online gaming business by the Group in Cape Verde. Further details of Project Cape Verde are set out in the Company’s announcement dated 22 July 2015. On 8 February 2016, the Company held a ground-breaking ceremony for Project Cape Verde on site. (c) Development project in the Lao PDR On 13 May 2016, the Company entered into the project development agreement with the Government of the Lao PDR in respect of the acquisition of the Savan Vegas at the consideration of US$42.0 million (equivalent to approximately HK$325.9 million). The project development agreement shall have an initial term of 50 years. Further details of the investment project in the Lao PDR are set out in the Company’s announcement dated 13 May 2016 and circular dated 1 August 2016. The Group obtained the approval from the shareholders of the Company at an extraordinary general meeting of the Company held on 18 August 2016. On 1 September 2016, the Company has taken over the management and operation of Savan Vegas. (d) Development project in Portugal On 7 July 2016, the Company entered into the memorandum of understanding with the Setubal Municipality for the proposed development at the riverfront area at Setubal in Portugal. The Company also entered into the heads of agreement with independent third parties in relation to (i) the formation of a joint venture company, and (ii) the transfer of the Troia Casino and its gaming concession pursuant to which, subject to its terms and conditions and among other things, one of the independent third parties and the Company will form the joint venture company and shall transfer to the joint venture company the Troia Casino and its gaming concession at the value of €40.0 million (equivalent to approximately HK$343.6 million) or inject cash in the same amount to the joint venture company. Further details of the memorandum of understanding are set out in the Company’s announcement dated 7 July 2016. Prospects: On 27 February 2017, the Company held a ceremony that celebrates the opening of Legend Palace, the second new hotel at the MFW Redevelopment. This 5-star addition to the Company’s portfolio houses 223 guestrooms and suites, 6 brand new food and beverage outlets, and a new casino which houses up to 80 gaming tables. This, together with the other properties of the Company in MFW, is reinforcing the area as a distinguishing landmark on Macau peninsular waterfront. The Company actively supports the efforts of the Macau government to build a world tourism and leisure center and to promote diversified tourism in Macau. Efforts are being made to upgrade state of the art lighting and visual effects to the newly completed canopy for an enhanced open-air shopping, dining and entertainment experience. The progress of construction of the dinosaur museum is smooth with a completion target within 2017. Future plans include the construction of an opera house and an intelligent exhibition centre. Visitations to Macau in 2016 grew slightly reaching approximately 31 million, and overnight visitations were up 10% year on year to 15.7 million. The opening of Legend Palace coincides with this gradual but steady recovery of the Macau gaming market which started from the second quarter last year. The Company intends to target visitors from South East Asia at which it already begun to create an operation and marketing hub in Laos. In Savannakhet in Laos, the rebranded Savan Legend Resorts has been contributing positive EBITDA since the Company took over management and operation since September 2016. Savan Vegas Hotel and Entertainment Complex is located just on the border with Thailand and is also near to an international airport which can cater for visitors from Thailand, Vietnam and China as well as the visitors from Cambodia, Malaysia and Singapore. Savan Vegas Hotel and Entertainment Complex is already in operation, and we expect to utilise our experience and connections to build it into a regional entertainment hub in the Southeast Asia. At Cape Verde, the first overseas project of the Company, construction for the integrated resort has commenced. The Group has been granted an exclusive nationwide operation of online gaming, physical and online sports betting for a period of 10 years from the commencement of operation of the online gaming business by the Group in Cape Verde. The Group will continue to focus on Southeast Asian destinations where the “One Road, One Belt” policy from China is supporting new investment in tourism and tourism related infrastructure and will also focus on Portuguese-speaking countries, like Cape Verde, to make good use of the Sino-Portuguese platform for the Group’s business diversification Overseas. The Group will continue to actively seek opportunities and create new markets for its business expansion so as to maximise value for its shareholders, partners and customers.

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