Macau Legend Development Ltd has reached agreements with its lenders to defer repayment on loans totalling almost HK$2.1 billion (US$268 million) until late 2026, the company announced in a regulatory filing on Monday.
The Macao-headquartered company, which owns the Fisherman’s Wharf precinct and operates Legend Palace casino under SJM Holdings’ concession, seeks to address short-term financial pressures and maintain operations ahead of changes to Macao’s gaming sector, Inside Asian Gaming (IAG) reports.
In the filing, the company said it had signed a variation agreement on an HK$85.5 million (US$10.9 million) bank loan, extending its existing repayment deadline to October 2026. A separate agreement covering the remaining HK$2 billion (US$255 million) owed includes a monthly principal repayment of HK$1 million (US$127,400) from February 2025 to August 2026. The remaining balance is scheduled to be fully repaid by September 2027.
Macau Legend said liquidity supervision measures will be introduced as part of the loan restructuring.
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Macau Legend has been under financial strain for some time, and in September last year its directors cautioned that it “might not be able to continue to operate as a going concern” if certain remedial “plans and measures” undertaken by the board failed to succeed.
As of 31 December 2024, the group held HK$52.3 million (US$6.7 million) in cash and bank balances, against HK$2.07 billion (US$264 million) in bank borrowings due within a year and HK$339.4 million (US$43.2 million) in shareholder loans, also due within a year or repayable on demand.
Last month’s announcement that its Legend Palace property will no longer be allowed to operate as a satellite casino from 1 January 2026 – under changes to Macao’s gaming regulations – has added further pressure, IAG says. However, the company’s internal audit committee has concluded that preparing financial statements on a liquidation or realisation basis is not currently justified.
Further negotiations on a long-term solution for the remaining debt are expected to begin in April 2026.
