Macau-based casino developer and operator Macau Legend Development Ltd. is expected to announce a new development project, this time in Portugal, local media reported.
According to reports, the company will sign on Thursday a memorandum of understanding with the Setúbal municipality, located south of Lisbon, for the establishment of an integrated resort, which is to offer numerous accommodation, residential, and retail options as well as a marina. The project itself does not include a casino but it seems that Macau Legend is interested in associating the new development with other tourism endeavors in nearby Tróia.
As reported by local media, the casino developer is to invest the amount of $222.7 million (€200 million) on the construction of the planned Portuguese property. The existence of such a project is expected to be confirmed on Thursday, July 7.
This would not be the first international project undertaken by Macau Legend this year as part of its strategy to expand its international presence. Early in 2016, the company announced a €250-million investment in the African island of Cape Verde.
The developer is to build a 152,700-square-meter integrated resort on the island that would feature a casino floor, a marina, numerous retail, food and beverage, and entertainment options, as well as a convention center. The new complex is intended to boost the Portuguese-speaking island’s tourism. According to latest figures posted, the country is visited by a total of 600,000 international tourists per year. Officials have previously pointed out that once operational, the resort would help the nation boost its tourism figures to 2 million international visitors per year.
In May, Macau Legend also announced that it would buy Savan Vegas Hotel and Entertainment Complex in Laos. The deal was expected to be completed in June but a delay in the dispatch of a circular for the confirmation of the transaction postponed its finalization. Officials for the company said that the circular would be dispatched by the end of July.
The casino developer and operator currently runs two casinos in Macau – Pharaoh’s Palace Casino and Babylon Casino. Both gambling venues have been provided with the necessary licenses to provide gambling options by local major gambling operator SJM Holdings Ltd.
