Gaming and hotel services company Macau Legend Development reported a net loss of nearly 4.9 million Hong Kong dollars ($628,497) for the full year of 2023, up 26.7% from a year earlier. The 2023 loss was an improvement from a loss of 670.2 million Hong Kong dollars recorded in the previous year, according to Thursday\'s filing. 바카라사이트

In 2023, the company\'s expenses were HK$741.4 million, down 29.2% from a year earlier.

The Hong Kong-listed company is in business linked to one casino in Macau, Legend Palace (pictured), under a so-called service agreement with Macau licensee SJM Holdings Ltd. In 2022, the company was also linked to two other casinos in Macau, Landmark and Babylon.

Babylon Casino ceased operations on Jan. 1 last year, and stopped offering the landmark casino\'s services at the end of June 2022. The company also suspended its VIP game promotion business in Macau in early 2023.

Macau Legend owns a tourist complex called Macao Fisher\'s Wharf, a waterfront area close to the Outer Harbor Ferry Terminal on the Macau Peninsula and where Legend Palace is located. The company also operates a Saban Legend gaming resort in Laos.

Total reported gaming services revenue for 2023 was down 5.0% year-over-year to approximately HK$493.1 million.

Although VIP game promotion business, operation of Babylon Casino, and service provision of landmark casinos all ended, resulting in a decrease of approximately HK$356.2 million in total gaming revenue, "improvements observed in the public market table operation of Legend Palace Casino ... And... Total gaming revenue at Saban Legends Casino increased by about HK$331.3 million," said Macau Legends.

The company posted non-gaming revenue of HK$485.5 million last year, up 112.2% from 2022. "The increase in non-gaming revenue is primarily attributable to the increase in hotel room revenue driven by increased tourist visits since January 2023," the company said.

Macau Legends reported 2023 adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) of just under HK$185.9 million, compared with negative figures of HK$218.8 million a year earlier.

In December, Macau Legends confirmed it would dispose of the Saban Legends venue in exchange for a "first" US$39 million. The group said at the time it expected pre-tax profit on the disposal to be around HK$47 million. A Thursday filing said the deal was not yet complete.

Macau Legend said in a filing that it had around 799.6 million Hong Kong dollars in net current debt as of Dec. 31 last year. The group\'s total bank and other borrowings amounted to nearly HK$2.57 billion, "of which HK$633.6 million is due to be repaid within a year."

The Company\'s cash and cash equivalents amounted to HK$63.2 million at the end of 2023.

The company also said some of its "substantial shareholders" agreed