聯交所主板股份代號
:1680
SEHK Stock Code
FOR IMMEDIATE RELEASE
Macau Legend Announces 2018 Interim Results Improving performance charts course to expansion
(28 August, 2018, Hong Kong) Macau Legend Development Limited ("MLD" or the "Company"; SEHK Stock Code: 1680), one of the leading owners of entertainment and casino gaming facilities in Macau, today announced unaudited condensed consolidated interim results of the Company and its subsidiaries (collectively the "Group") for the six months ended 30 June 2018 ("1H 2018"). The following is the highlight of performance in 1H 2018 and comparison to corresponding period in 2017 ("1H 2017").
The Group
Reported revenue increased by 11.2% year on year to HK$951.6 million
- Gaming revenue increased by 19.7% to HK$674.2 million
- Non-gaming revenue decreased by 5.2% to HK$277.4 million, primarily due to the disposal of The Landmark Macau
Adjusted EBITDA increased by 99.1% year on year to HK$200.6 million
- Adjusted EBITDA from the Group excluding the Savan Legend and unallocated corporate expenses, increased by 115.8% to HK$166.4 million
- Adjusted EBITDA of Savan Legend increased by 5.3% to HK$58.0 million
Profit attributable to the Group was HK$2,853.7 million. The net profit was mainly due to a gain in the disposal of The Landmark Macau in April 2018 and the recovering gaming performance with positive effort on expenses streamline
Gaming
Total gaming revenue of gaming services increased to HK$674.2 million
Legend Palace Casino contributed revenues of HK$306.3 million and Savan Legend
Casino contributed HK$123.6 million
Revenue from VIP tables amounted to HK$102.8 million (Macau: HK$80.5 million and
Lao PDR: HK$22.3 million)
Macau Legend Announces 2018 Interim Results (cont'd)
Non-gaming
Total non-gaming revenue decreased to HK$277.4 million mainly due to decrease of revenue contributed by The Landmark Macau, which was offset by the increase in hotel and food and beverage revenue contributed by Harbourview Hotel
MFW (excluding Legend Palace Hotel) and Legend Palace Hotel contributed non- gaming revenue of HK$160.0 million and HK$40.3 million
The occupancy rate of Harbourview Hotel and Legend Palace Hotel increased to 94.4% and 95.7%; ADR increased to HK$928 and HK$1,626; and REVPAR increased to HK$876 and HK$1,556.
Savan Legend
Savan Legend Casino contributed gaming revenue of HK$123.6 million and Adjusted EBITDA of HK$58.0 million
OVERVIEW OF INTERIM RESULTS
For the six months ended 30 June 2018, the Group recorded total reported revenue of HK$951.6 million, an increase of 11.2% or HK$95.7 million over the last corresponding period. Gaming revenue of the Group increased by 19.7% to HK$674.2 million. Adjusted EBITDA was HK$ 200.6 million, representing an increase of 99.1% when compared to that of 1H 2017.
Co-Chairman, Executive Director and Chief Executive Officer of Macau Legend, Mr. David
Chow, said, "The Group's financial performance in the first half of 2018, which was benefited from the disposal of The Landmark Macau, bringing in a gain on disposal of a subsidiary of HK$3,430.1 million. In appreciation of the ongoing support from the shareholders, the Board declared a special dividend of HK8 cents per share in July, amounted to total payout of HK$501.4 million. Encouraging improvement is also seen on revenues and Adjusted EBITDA, especially on casino operations at both the Legend Palace Hotel and Casino in Macau and the Savan Legend Resorts in Lao PDR delivering solid results."
"The enhanced liquidity will provide additional capital to facilitate expansions of business within and outside of Macau over the next several years. We will phase each of our new projects to better manage risk and liquidity. Also, to ensure our new projects are developed in line with growth in tourism related infrastructure and tourism markets in each specific country," he said.
"Looking ahead, the second half of the year will remain susceptible to several factors. The opening of the Hong Kong - Zhuhai - Macau bridge should be a positive factor for visitation to Macau and help better connect the city to the airport in Hong Kong and to both regional and international visitors. On the other hand, there are uncertainties with the overall regional economic situation and this is not being helped by the current global trade disputes," said Mr. Chow.
Macau Legend Announces 2018 Interim Results (cont'd)
With the upcoming expiry of current gaming licences in 2020 and 2022, the Group shall pay close attention to policy development of the Macau Government, in order to ensure that the Group can continue its participation in Macau gaming business in the future.
In Macau, the Group has completed the consolidation of all of its Macau's operations at Macau Fisherman's Wharf ("MFW"). The Group will focus its efforts on the continuing improvement and repositioning of MFW within the Peninsula market. This will include new gaming and non-gaming facilities, expanded F&B and entertainment offerings as well as promotional activities targeting both the tourist and mass gaming markets.
In Lao People's Democratic Republic ("Lao PDR"), Savan Legend Resorts is currently considering an expansion of the hotel, gaming and non-gaming facilities at this project.
In Cape Verde, with the completion of superstructure work of the office building in 2017, the Group is now revisiting the overall construction plan of the hotel and casino complex in order to meet the requirements of the Group's future business strategy.
In terms of expansion into tourism and tourism related projects outside of Macau, the Group will continue to focus on destinations in South East Asia which are consistent with the "One Belt, One Road Policy" from the Government of the PRC. The Group will also focus on Portuguese speaking countries, like Cape Verde, that make use of the "Sino-Luso Platform Policy".
- Ends -
For enquiries, please contact:
Macau Legend Development Limited Donald Chow
Choice Communication International Limited Anthony Yu
Tel: (853) 2822 2211
Email:ir@macaulegend.com
Tel: (852) 2522 1133 / 9388 0188 Email:anthony.yu@choice-pr.com
About Macau Legend Development Limited
Macau Legend Development Limited is one of the leading owners of entertainment and casino gaming facilities and leisure complex in Macau. It is headquartered at MFW, which follows the "Leisure, Tourism, Economic and Multi-Cultural Diversification" policy of the
Macau SAR Government, and is a waterfront integrated gaming, hotel, convention and entertainment complex located on the outer harbor of the Macau Peninsula. In addition to operating its hotels and non-gaming entertainment facilities, Macau Legend provides gaming services to Sociedade de Jogos de Macau, S.A. at Pharaoh's Palace Casino, which is located in
The Landmark Macau, Legend Palace Casino and Babylon Casino in MFW. In addition to the investment in Macau, the Group also entered into agreements with Government of Cape Verde in July 2015 and the Government of the Lao PDR in May 2016 to develop integrated leisure, tourism and entertainment complexes in Cape Verde and the Lao PDR, respectively.
The Group also owns and operates the Savan Legend Resorts in the Lao PDR. (Website:www.macaulegend.com)