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Doubts surround David Chow’s casino project in Cabo Verde

Macao gaming magnate reportedly facing financial stress, with Cabo Verde casino complex only partially built.

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Macao gaming magnate reportedly facing financial stress, with Cabo Verde casino complex only partially built.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

Growing doubt surrounds the completion of  David Chow’s casino complex in Cabo Verde, according to the local press, while the Macao magnate’s group faces financial stress back home.

The project of the “Djeu” complex, in the capital city of Praia (Santiago island), which includes a casino, marina and offices was announced in 2001, but construction was launched only in February 2016.

Currently, the only structures whose construction is advanced are an office building and the bridge that connects Santa Maria islet to land.

Local newspaper A Nação reports Chow’s project has “advanced little to nothing, raising questions whether the venture will ever be a reality”.

Initially, the investment was 250 million euros, but after changes to the project, the investment was set at 90 million euros, in the first phase.

Chow received a 25-year gaming licence in Cabo Verde, with 15 years on an exclusive basis in Santiago. He also has a special licence to exclusively explore the online gaming market in the archipelago and the sports betting market, for a period of 10 years. For this, Chow paid around 1.2 million euros.

Chow also tried to open a bank in Cabo Verde, formalising the request to the national authorities in 2018, but the project was deemed not in accordance with legislation.

Hoje Macau newspaper recently reported that Chow’s Macau Legend Development Ltd defaulted on payment of two loans to Luso and CMB Wing Lung banks, with which it is now negotiating.

According to the same source, on 30 June the group had loans of US$2,373 million and needed to pay US$237 million over the next 12 months, facing lack of liquidity, CLBrief reported.

 

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