Macao Legend Development Limited's Uncertain Future
Macau and local gambling and hotel operator Macau Legend Development Limited reportedly warned that it may not be able to continue as an ongoing concern after posting a net loss of about $61.86 million in the first half.
According to a report by Inside Asian Gaming, the Hong Kong-listed company used an official filing (pdf) on Saturday to declare that the result created "substantial uncertainty" as its total debt stood at just over $311.98 million. The source also explained that while the company's reserve cash held was just over $8 million, about $30.19 million of these arrears were set to be in arrears over the next year.
Abandoned Activities:
Macau Legend Development Limited reportedly said in detail last month that it had suspended casino operations within its 223-room former Portuguese residence, the Legend Palace Hotel, and the small Babylon Casino Macau development. The company had a "satellite casino" deal with its larger compatriot SJM Holdings Limited, which ran both of these Fisherman's Voodoo properties, but gave up its understanding because of the ongoing financial impact of the coronavirus pandemic and legislation requiring it to hold its own local gambling license.
He said he read the documents submitted by Macau Legend Development Limited...
"The group has violated certain loan agreement provisions and is in the process of applying for additional exemptions from the bond bank. This default corresponds to a default that allows the bank to exercise a notice to demand immediate repayment of all outstanding bank borrowings, including interest. As a result, the bank borrowings of $311.98 million have been reclassified as current liabilities."
BY: 슬롯머신
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