The Cape Verdean government decided to cancel the Macau Legend concession due to concerns that the investor might not complete the ongoing project. The decision was prompted by signs of potential issues on the investor's side.
Macau Legend Development's President and CEO, Li Chu Kwan, disclosed plans to close operations in Cambodia and Cape Verde by 2025. The company will focus on Macau's mass business and is negotiating with yacht firms from the Greater Bay Area to attract more tourists using yachts.
Shareholders' organization and financial problems were cited as the primary reasons for Macau Legend's withdrawal from the project. The government will reclaim the granted land and create opportunities for new projects in the area.
In 2015, David Chow signed a contract with Cape Verde's government to construct a large facility on Santa Maria island, but the project faced opposition, including environmental concerns and social protests. Macau Legend obtained a 25-year license from the Cape Verdean government for exclusive operation on Santiago island, along with licenses for online gambling and sports wagering.
Hi! Thank you for sharing this knowledge! It is also encouraging to observe that Li Chu Kwan, President and CEO of Macau Legend Development, has stated plans to concentrate on Macau's mass business and increase tourist numbers by utilizing yachts. This tactical change indicates their flexibility and dedication to looking into new possibilities for expansion and tourism development. It is a really good idea.
Actuallu i heard about this, given the cancellation of the Macau Legend concession and the challenges faced in the initial project, what do you think will be the economic and developmental implications for Cape Verde? How might this decision impact the region's future and its potential for new projects and investments?