Africa-Press – Cape verde. The Minister of Internal Affairs said today that the government will give a “last chance” to the company Macau Legend, which promised “an alternative” for the unfinished hotel-casino on the islet of Santa Maria, in Praia.
“The entrepreneur has had several opportunities and has this last opportunity. He says he will have an alternative and the Government is waiting for the presentation of this alternative, while the process of reversing” the project is underway, said Paulo Rocha in an interview with Lusa.
In November, Cape Verdean authorities began a process of reversing the hotel-casino and other unfinished works of Macau Legend, on the islet of Santa Maria and the Gamboa seafront, in the city of Praia.
Paulo Rocha said that the Executive gave the company founded by David Chow Kam Fai 60 days to present a new proposal to complete the project, but admitted not knowing when this period “started counting”.
“If it is not presented within the given deadline, the reversal process will be concluded and then the Government will look for other, probable, eventual investors”, assured the minister, during a visit that is being made to Macau.
Currently there are only guards at the gates of the site, an area of around 160 thousand square meters, which includes the islet of Santa Maria, partially gutted, and a paved bridge of a few meters that connects it to a building of around eight floors, empty and surrounded by walls.
“The works have been at a standstill for a long time, they are only half finished. There is practically no movement at that construction site and the Government intends to see that resolved. One way or another”, highlighted Rocha.
The government said in November that it had given Macau Legend “every opportunity to resume construction or to negotiate the sale of shares or the transfer of its contractual position to a potential interested party in continuing the project”, but no alternatives were presented.
“The project continues to be important, it continues to be strategic for the city of Praia, for Cape Verde, and the Government is interested in finding a solution”, said the minister.
In 2015, David Chow signed an agreement for a 250 million euro investment. After revisions about six years ago, the first phase was scheduled for completion in 2021.
In late 2023, Macau Legend chairman Li Chu Kwan said the group aimed to close projects in Cape Verde and Cambodia by 2025.
On March 28, Macau Legend announced losses of HK$45.9 million (€5.44 million) in 2024, partly due to the turnaround of the Praia hotel-casino.
The operator reiterated that it was “taking the necessary measures to safeguard the interests of the group (…), including exploring all available options to challenge the decision” regarding the hotel-casino’s reversion process, taken by the government.
On the other hand, Macau Legend admitted having “significant doubts about the group’s ability to continue as a going concern” due to total debts of HK$2.51 billion (EUR298.2 million).
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