Part of Macau Legend’s $300-million casino resort in Cape Verde will open doors this August, CEO David Chow Kam Fai told local media before today after the company’s Annual General Assembly in the Legend Palace.
Macau Legend will start a resort and casino at the miniature northwest African nation this summer as part of what is a multi-phase job. The Macau-based group has invested more than $290 million in the initial stage of its scheme.
The company has shown in prior statements that the initial phase of its new resort would include a 200-room resort, a casino, and an office block, among other facilities. Further phases of this project will include a marina, retail space, a conference centre, and several food and beverage choices.
Macau Legend announced its plans to construct a resort in the small island nation in 2015 and broke ground on he property a year later. The Hong Kong-listed firm said back then that it expected it would take about three years to complete the project.
Cape Verde currently has population of around half a million individuals, but Macau Legend will be targeting overseas visitors.
Exclusive Online Gambling All
Under a deal between the Macau casino operator and Cape Verde officials, Macau legend would get a 15-year tax relief and would be granted 10-year exclusivity over the performance of online gambling and sports betting as well as over the performance of land-based sports betting services.
Of their choice to expand namely into Cape Verde, Mr. Chow has previously said that it turned into a Portuguese-speaking nation (Macau is itself a former Portuguese territory) with well-developed infrastructure and flourishing tourism were one of the things that drew his firm to this particular part of earth.
Tourism represents nearly a quarter of Cape Verde’s yearly GDP and the nation ’s government has introduced a number of initiatives to increase that sector even farther . Local lawmakers have pointed out that Macau Legend’s incorporated resort could surely help the nation achieve that objective.
The legalization of gambling in the early 2010s was one such tourism-boosting initiative. As a result from the legalization process, Cape Verde’s land-based casino — the €5-million Casino Royal — opened doorways as part of a bigger Hilton resort in May 2013 around Sal Island. Under the nation ’s gambling legislation, brick-and-mortar casinos can be constructed on the islands Sal, Santago, Boa Vista, and Maoi.
It’s also interesting to remember that the Macau-based gaming firm has submitted an application to develop a financial institution in Cape Verde. Mr. Chow said today that local lawmakers are currently evaluating the proposal, which aims to offer small- to medium-sized companies with unconditional support and facilitate payments processed around the Cape Verde land.
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