Macau Legend Development Announces 2019 Interim Results

聯交所主板股份代號 :1680

SEHK Stock Code

FOR IMMEDIATE RELEASE

Macau Legend Announces 2019 Interim Results

(22 August 2019, 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 consolidated financial results of the Company and its subsidiaries (collectively the "Group") for the six months ended 30 June 2019 ("1H 2019"). The following is the highlight of performance in 1H 2019 and comparison to corresponding period in 2018 ("1H 2018").

The Group

Reported revenue increased by approximately 13.7% year on year to approximately HK$1,081.8 million

• Gaming revenue increased by approximately 28.7% to approximately HK$867.5 million
• Non-gamingrevenue decreased to approximately HK$214.2 million, the decrease was mainly due to the disposal of The Landmark Macau in 1H 2018

Loss attributable to the Group decreased to approximately HK$107.5 million, compared with loss of approximately HK$221.9 million in 1H 2018 (excluding the profit contributions from the operation of Landmark Macau and its relevant disposal in 1H 2018)

Macau Fisherman's Wharf

Gaming revenue of Legend Palace Casino, Babylon Casino and Landmark Casino increased YOY by approximately 32.3% (approximately HK$98.9 million), approximately 32.8% (approximately HK$19.5 million) and approximately 46.3% (approximately HK$ 85.5 million) respectively

Adjusted EBITDA contributed by properties in Macau Fisherman's Wharf ("MFW") increased by approximately 22.2% YOY to approximately HK$ 123.3 million

Laos PDR

Gaming revenue of Savan Legend decreased by approximately 8.6% to approximately HK$113.0 million

Post-gaming tax Adjusted EBITDA in 1H 2019 increased by approximately 78.2% to approximately HK$33.7 million (2018 1H: approximately HK$18.9 million).

Under a presumed normalised hold, post-gaming tax Adjusted EBITDA in 1H 2019 would be increased by approximately 217.1% to approximately HK$45.3 million (2018 1H: approximately HK$14.3 million)

Macau Legend Announces 2019 Interim Results (cont'd)

Bank balances and cash

As at 30 June 2019, bank balances and cash held by the Group amounted to approximately HK$1 billion, with net gearing ratio of approximately 12.3%

Expansion Plan

Cape Verde - The office building and site infrastructure will be completed by the end of 2019 and the new hotel and casino will be completed by the end of 2020

Savan Legend Resorts - Savan Legend Resorts phase two expansion will be completed by 1H 2020 and the Group plan to expand into other areas of Laos

OVERVIEW OF INTERIM RESULTS

Co-Chairman, Executive Director and Chief Executive Officer of Macau Legend, Mr. David Chow, said, "The Group's revenue and Adjusted EBITDA contributed by MFW improved in the period with the casino operation at the Legend Palace Hotel in Macau delivering solid results."

In Macau, the Group has completed the consolidation of all of its Macau's operations at MFW and will focus its effort on the continued 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."

"At MFW, the Group is partnering with Bandai Namco in developing a virtual reality experience centre and is expected to open before the end of this year. The convention and exhibition centre is undergoing renovation by phases until mid-2020 to further engage itself as a prime attraction for meetings and conventions. Together with the continued improvement of existing offers, the new additions will further reposition MFW as a prime tourist attraction on the Macau Peninsula," he said.

In Laos PDR, the Group's expansion of the Savan Legend Resorts Hotel and Entertainment Complex, is targeting a soft launch in the first quarter of next year. The expansion will focus on premium mass and VIP clientele, and will include a new VIP boutique hotel, and an entertainment zone, with golf simulator, driving range, sports bar, spa and pool facilities which will be the best in class in that whole area.

In Cape Verde, construction work for the office building has been completed, and construction for the bridge linking the island side of the resort will begin in the fourth quarter this year. Some amendments to the original plan are needed to accommodate local geographic limitations, but overall the project is on the right track.

- Ends -

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Macau Legend Announces 2019 Interim Results (cont'd)

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 Legend Palace Casino, Babylon Casino and Landmark Casino. 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)

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