Macau Legend Development reported a FY2025 net loss of HK$1.57 billion, widening sharply from the HK$622.63 million loss restated for FY2024. The downturn was driven by HK$1.13 billion of impairment charges related to Macau Fisherman’s Wharf (MFW) assets following the early termination of the Legend Palace Casino service agreement with SJM on 13 November 2025.

\n\nRevenue from continuing non-gaming operations slipped 5.2% year on year to HK$358.62 million. Hotel room income fell 6.4% to HK$184.88 million due to lower average daily rates, while food-and-beverage sales were broadly flat at HK$103.63 million. Adjusted EBITDA from continuing operations fell to HK$19.62 million, down from HK$39.36 million in FY2024.

\n\nThe discontinued Macau gaming segment, which ceased in November, generated a HK$56.38 million loss in 2025 versus a HK$96.69 million profit a year earlier. The FY2024 gain of HK$75.04 million from the disposal of the Laos business did not recur.

\n\nThe balance sheet shows net current liabilities of HK$2.70 billion (FY2024: HK$2.51 billion). Cash and bank balances stood at HK$27.08 million against total bank and other borrowings of HK$2.40 billion, all classified as current. Net assets fell 51.6% to HK$1.47 billion, and the net gearing ratio rose to 161.2% (FY2024: 77.4%).

\n\nMacau Legend remained in breach of certain loan covenants at year-end. Although repayment schedules were renegotiated in 2025, creditor banks retain the right to demand immediate settlement. Management’s going-concern assumptions rely on continued lender forbearance, shareholder loan support, cost controls and the HK$93.00 million fully-underwritten rights issue completed on 22 January 2026, which netted HK$86.40 million.

\n\nAuditor Baker Tilly issued a disclaimer of opinion citing multiple uncertainties over going concern, including covenant breaches, significant near-term debt maturities and reliance on successful execution of planned measures.

\n\nNo dividend was declared for FY2025.