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Cape Verde officials have now seized the assets and structure of a long-stalled hotel-casino project in the capital of Praia, originally kicked off by Macau Legend Development. The move wraps up a drawn-out process to reverse the failed venture, as reported by Lusa news agency. In a statement released Saturday, the government confirmed the takeover happened Friday, based on a 2014 memorandum of understanding with the state for tourism and real estate work in Praia’s bay area.
Government Ends Reversion Process
The executive branch stressed it tried every avenue to get the project moving, but ultimately found the investor’s contracts beyond repair due to serious breaches. Construction on the hotel-casino halted years back when the developer’s money troubles brought everything to a stop, leaving the site incomplete. The announcement closes a chapter that started with high hopes but ended in abandonment.
Project Origins and Timeline Slip
Back in 2015, David Chow mapped out big dreams for the Praia site, €250 million, approximately $290 million, set aside without delay. Work began in 2016, aiming for a completed first stage by 2021, yet momentum faded fast. Instead of drawing visitors, it stands quiet today. Unfinished bones of ambition rise where crowds were meant to gather.
Revocation of Gaming Rights
By October 2023, Cape Verde had started steps to take back Macau Legend’s gambling rights, unsure if the company would complete what it promised. That step led to the full contract cut-off in November 2024, with authorities citing ongoing breaks of legal and deal terms around the tourism and gaming setup. The government’s patience ran out after repeated shortfalls.
Financial Hit for Developer
Macau Legend has since owned up to booking a major write-down on its books for Cape Verde-related items, including deposits, gear, equipment, and lease rights linked to the project and other spots. The loss reflects the wipeout of value from the stalled effort. The company now faces the reality of sunk costs in the island nation.
What’s Next for the Site
With assets now under government control, questions linger on how Cape Verde will handle the unfinished build. The takeover clears the deck for potential new plans or partners to revive the bay area spot. Years of delays have left locals waiting for an economic lift from tourism that never materialized.
Source: Asia Gaming Brief (AGB)
