Investment holding company Macau Legend Development Limited said this week that it expects to record an unaudited consolidated loss attributable to equity holders of the company of approximately HK$490 million for the first half of this year, as compared to approximately HK$107 million in the same period of last year.
The company headed by former Macao lawmaker David Chow Kam Fai announced the expected loss in a profit warning which was published on the website of the Hong Kong Stock Exchange last night.
The profit warning said the expected loss was “primarily due to the significant decrease in revenue as a result of the social distancing measures and travel restrictions imposed by the authorities in response to the COVID-19 pandemic, which have severely declined the tally of visitor arrivals to Macao and Laos in the first half of 2020.”
The company runs gaming, hospitality and entertainment businesses in Macao and Laos. Chow is also building a casino-hotel resort in the Atlantic Ocean island nation of Cape Verde.
The statement urged shareholders and potential investors in the company to exercise caution when dealing in the shares of the company.
According to the company’s website, Chow is its co-chairman and executive director. His wife Melinda Chan Mei Yi, who is also a former member of the Macao Legislative Assembly, is chief executive officer. The company’s best-known investment is Macau Fisherman’s Wharf in the Outer Harbour area, which comprises hotels, a casino, restaurants and shops. The company is incorporated in the Cayman Islands. It formerly also owned the Macau Landmark commercial building on the peninsula.
(The Macau Post Daily/Macau News)
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