Macau Fisherman’s Wharf sells HK$200m in bonds to improve parent company’s cash flow
Macau Fisherman’s Wharf, a subsidiary of gaming company Macau Legend Development Limited, sold HK$200 million ($25.4 million) in bonds to “boost” the group’s cash flow.
In a dispatch from the Hong Kong Stock Exchange, Macau Legend, the bonds were originally issued by Luso International Banking Limited in December 2018, with the proceeds from the sale to be used as “working capital”.
‘[Macau Legend] purchased the Bonds for investment purposes. In view of the market situation, the Board considers that the Sale of the Bonds offers the Company a good opportunity to make the investment in the Bonds in order to strengthen the Group’s cash flow and better structure its portfolio of assets, the company directed by Melinda Chan Mei Yi added.
Macau Legend primarily provides services to SJM Resorts, SA for the operation of Babylon Casino and Legend Palace Casino; the operation of a casino inside the Savan Legend Resorts complex in Laos PDR; and the operation of hotels, entertainment and leisure facilities within its properties.
The group ended 2021 with a total of HK$1.19 billion in net losses, a 39% reduction from the previous year, the game company said in its latest financial report.
CEO Melinda Chan revealed in June that Macau Legend planned to streamline operations due to the poor business environment, leading to a 16% reduction in staff.
At the end of 2021, Macau Legend had a total of approximately 3,603 employees – down by approximately 200 from the same period a year earlier – including approximately 1,122 gaming operations employees who were employed and paid by SJM but over which the Group exercised oversight in accordance with its service agreement.