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