Friday, March 29, 2024
 
Columnist
Martin Hennecke
 
MACAU LEGEND
HKEx Stock Code : 01680 
 
Corporate Profile
The Group is one of the leading owners of entertainment and casino gaming facilities in Macau. The Group has two major properties, The Landmark Macau, an award-winning integrated hotel, casino and luxury shopping complex, featuring a five-star hotel and Macau's first themed casino, located in the heart of the Macau Peninsula, and Macau Fisherman's Wharf, a waterfront integrated gaming, hotel convention and entertainment complex located on the outer harbor of the Macau Peninsula. The Group's businesses include (i) the provision of Gaming Services to SJM in two major casinos on its properties, namely Pharaoh's Palace Casino in The Landmark Macau and Babylon Casino at Macau Fisherman's Wharf; and (ii) the operation of the hotels, entertainment and leisure facilities within its properties.

The Group does not hold a concession or subconcession as required by the Macau Government to operate casino games and other games of chance in Macau. The Group provides Gaming Services to SJM at the Casinos that are operated by SJM. The Casinos offer mass market tables, VIP tables and slot machines which cater to a variety of patrons, from mass market patrons seeking a general entertainment and leisure experience to VIP patrons seeking a high-stakes rolling chip gaming experience. As part of its Gaming Services, the Group also designs and supervises the fitting out of the Casinos and are responsible for certain aspects of marketing and administration of, and security in, the Casinos.

The Group estimates that the aggregate net proceeds payable to the Group from the Global Offering, after deducting the Sponsor Fee, underwriting fees and estimated expenses payable by the Group in connection with the Global Offering, will be approximately HK$4,408.5 million assuming an Offer Price of HK$2.64 (being the mid-point of the Offer Price range stated in the prospectus). The Group currently intends to apply these net proceeds to finance the MFW Redevelopment Project as follows: for construction and fitting-out of the Prague Harbor View Hotel; for construction and fitting-out of the Palace Hotel; for construction and fitting-out of the Legendale Hotel Macau; for construction of a general entertainment and cultural facility; for construction of its yacht club and public pier for harbor cruises, including the construction of a wave breaker to protect yachts berthed at the Marina; for construction of a canopied open-air shopping, dining and entertainment colonnade; and for paying the land premium for the Macau Fisherman's Wharf site, miscellaneous expenses, project management fees and the costs for the refurbishment of other existing facilities, including Babylon Casino and Rocks Hotel, landscaping work, construction of new utility structures, multifunctional areas, parking facilities, restaurants and pedestrian walkways and demolition of certain existing structures in Macau Fisherman's Wharf; for the renovation of its existing facilities in The Landmark Macau, including the refurbishment of hotel rooms, gaming areas and food and beverage facilities, and the potential renovation of the lobby and upgrade of the property's facade; to settle a non-trade amount for the same sum that is due from the Company to Macau Landmark Management Limited in respect of the purchase of the aircraft; and for working capital and other general corporate purposes.
Chairman Chow Kam Fai, David Issued Capital (shares) 6,232M
Par Value HKD 0.1 Market Capitalisation (HKD) 14,895M
 
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