Cape Verde gives Macau Legend "last chance" to complete hotel-casino in Praia

The Cape Verdean government has given Macau Legend a "last chance" to present a concrete alternative that will make it possible to complete the unfinished hotel-casino in the city of Praia. The information was confirmed by the Minister of Internal Affairs, Paulo Rocha, in an interview with the Lusa news agency during an official visit to Macau.

"The developer has already had several opportunities and now has this latest one. He says he's going to present an alternative, and the government is waiting for that alternative, even though the reversal process is underway," said the minister.

Since November 2024, the Cape Verdean authorities have begun the process of reverting the contract for the tourist resort and the paralyzed works on the islet of Santa Maria and the Gamboa seafront, in the heart of the capital. According to Rocha, the company led by David Chow Kam Fai was given 60 days to submit a new execution proposal. However, the minister himself admitted that he didn't know when this deadline officially began to run.

If Macau Legend does not present the alternative within the stipulated time, the government will end the reversion process and start looking for other "probable and possible" investors interested in completing the project.

At present, the site of approximately 160,000 square meters remains abandoned, guarded only by security guards. The area includes the partially excavated islet of Santa Maria, a paved bridge that connects it to the city and an empty building of around eight stories, completely isolated by cement barriers.

The site is still abandoned, guarded only by security guards.

"The development has been stalled for a long time. It's halfway through and there's no activity. The government wants to see this resolved, one way or another," said the minister.

In previous statements, the Cape Verde government claimed to have offered Macau Legend every opportunity to resume work, negotiate the sale of its shares or transfer its contractual position to another investor. To date, none of these options have materialized.

Despite this, the project continues to be considered "strategic" for the city of Praia and the country, and the executive says it remains committed to finding a viable solution for the space.

The initial investment, estimated at 250 million euros, was formalized in 2015, with completion of the first phase scheduled for 2021 after revisions in 2019. However, the project has fallen into lethargy.

At the end of March this year, Macau Legend announced losses of 45.9 million Hong Kong dollars (around 5.9 million US dollars), partly due to the process of reversing the Cape Verdean venture. In response, the company reiterated that it was "taking the necessary steps to safeguard the group's interests", including exploring legal ways to challenge the Cape Verdean government's decision.

The operator also admitted "significant doubts about its ability to continue operating", mentioning an accumulated debt of 2.51 billion Hong Kong dollars (around 298 million euros), which raises serious concerns about its financial viability in the short term.

Despite the impasse, the government maintains its interest in recovering the space and attracting new partners, stressing that the revitalization of Praia's seafront remains a national priority.