TLDR
- Macau Legend Development expects a full-year 2025 loss of nearly HKD1.57 billion (US$200 million), up from HKD623 million in 2024.
- A HKD1.18 billion impairment charge on property and assets at Fisherman’s Wharf drove most of the wider loss.
- The Legend Palace casino shut down on November 12, 2025, after SJM Holdings did not renew its service agreement.
- The company set aside HKD71 million for employee compensation tied to the casino closure.
- Macau Legend raised HKD93 million through a rights issue earlier this year to shore up working capital.
Macau Legend Development Ltd is staring down a projected loss of nearly HKD1.57 billion, or about US$200 million, for the full year of 2025. That is a sharp jump from the HKD623 million loss the Hong Kong-listed company posted in 2024.
The company disclosed the figures in a filing on Tuesday. The bulk of the damage comes from a HKD1.18 billion impairment charge tied to its Fisherman’s Wharf complex on the Macau peninsula.
Fisherman’s Wharf is a waterfront tourism property located near the Outer Harbour Ferry Terminal. It once housed the Legend Palace casino, which operated under a service agreement with SJM Holdings.
That casino closed its doors on November 12, 2025. The shutdown came as part of Macau’s broader push to phase out the satellite casino model by the end of the year.
The non-renewal of the SJM service agreement left Fisherman’s Wharf without its main source of revenue. The resulting drop in fair value for property, equipment, and right-of-use assets triggered the large write-down.
The 2025 impairment figure of HKD1.18 billion is far larger than the HKD376 million impairment Macau Legend recorded in 2024.
Employee Costs Add to the Financial Hit
On top of the asset impairment, Macau Legend booked HKD71 million in provisions for employee compensation and benefits. Those costs are directly linked to the end of the SJM deal and the Legend Palace closure.
The provisions cover long-service payments for staff who lost their positions when the casino stopped operating. Combined with the impairment charge, the two items account for the majority of the projected 2025 loss.
The casino had served as the anchor tenant at Fisherman’s Wharf under the SJM partnership. Without it, the complex now relies on hotels, leisure attractions, and other non-gaming offerings.
Macau’s regulators enforced the end of third-party casino management across the territory’s gaming industry. That policy decision hit Macau Legend’s balance sheet directly.
Rights Issue Provides Some Breathing Room
Earlier in 2025, Macau Legend raised HKD93 million through a rights issue. The funds were earmarked for working capital and general corporate use.
Underwriters took up 51% of the offered rights. The capital raise gave the company some added liquidity as it adjusted to life without casino revenue at Fisherman’s Wharf.
That cash, however, is modest compared to the scale of the projected losses. The HKD1.57 billion figure reflects not just impairments and staff costs but also the operational impact of losing gaming income entirely.
Macau’s decision to eliminate satellite casinos by the end of 2025 forced companies like Macau Legend to rethink their business models. Legend Palace’s closure on November 12 marked the end of an era for the Fisherman’s Wharf complex.
The 2024 loss of HKD623 million now looks relatively small next to what 2025 is shaping up to deliver. The January rights issue gives Macau Legend some financial runway, but the company’s future depends on whether Fisherman’s Wharf can attract enough visitors through its hospitality and leisure offerings alone.
