Macau, China, July 4, 2025 (Lusa) - Cabo Verde's minister for internal affairs told Lusa on Friday that the government will give a "last chance" to the Macau Legend company, which has promised "an alternative" for the unfinished hotel-casino in Praia.
"The developer has had several opportunities and has this last chance. It says it will have an alternative and the government is waiting for that alternative to be presented, even while the process of reversing the project is underway," said Paulo Rocha in an interview with Lusa.
In November, the Cabo Verde authorities began a process to revert the hotel-casino and other unfinished Macau Legend works, on the islet of Santa Maria and the Gamboa seafront, in the city of Praia.
Paulo Rocha said that the Cape Verdean government had given the company founded by David Chow Kam Fai 60 days to present a new proposal to complete the project. Still, he acknowledged that he didn't know when this period "started to run".
"If it doesn't present a proposal within the timeframe given, the reversion process will be finalised and then the government will look for other, probable, possible investors," said the minister, during a visit to Macau.
Currently, there are only guards at the gates of the site, an area of approximately 160,000 square metres, which includes the partially gutted islet of Santa Maria and a paved bridge of a few metres that connects it to an empty building of around eight storeys, fenced off with ramparts.
"The work has been stopped for a long time, and it's only half finished. There's practically no movement on that building site, and the government wants to see it resolved. One way or another," emphasised Rocha.
The government said in November that it had given Macau Legend "every opportunity to resume work or to negotiate the sale of its shares or the transfer of its contractual position to a potential party interested in continuing the project", but no alternatives had been presented.
"The project continues to be important, it continues to be strategic for the city of Praia, for Cabo Verde, and the government is interested in finding a solution," said the minister.
In 2015, David Chow signed an agreement for an investment of €250 million. After revisions about six years ago, the first phase was scheduled for completion in 2021.
At the end of 2023, Macau Legend Chairman Li Chu Kwan stated that the group intended to complete the projects in Cabo Verde and Cambodia by 2025.
On 28 March, Macau Legend announced losses of 45.9 million Hong Kong dollars (approximately €5.44 million) in 2024, partly due to the reversal of the hotel-casino project in Praia.
The operator reiterated that it was "taking the necessary steps to safeguard the group's interests (...), including exploring all available options to challenge the decision" regarding the hotel-casino's reversion process, taken by the Cape Verdean government.
On the other hand, Macau Legend acknowledged having "significant doubts about the group's ability to continue as a going concern" due to total debts of 2.51 billion Hong Kong dollars (€298.2 million).
VQ/ADB // ADB.
Lusa
