Macau Legend Development Abandons Cabo Verde Hotel-Casino Project

 

The Government of Cabo Verde announced it will reverse the grant of the project for a hotel-casino in the city of Praia, abandoned by the Macau Legend Development group.

“First we have to reverse the concession. This is an exploration and investment concession. There was already for some time indication that there would be problems on the investor’s side, his ability to complete the project,” prime-minister Ulisses Correia e Silva said.

In an interview with Hong Kong TVB television broadcast on Wednesday night, Macau Legend Development president and CEO Li Chu Kwan announced that the group intends to close operations in both Cabo Verde and Cambodia by 2025.

Cabo Verde government says David Chow´s investment stalemate ‘untenable’

According to the prime-minister, the group, founded by businessman David Chow, alleged financial and shareholder organization problems to give up this which was one of the much-anticipated tourist projects in Cabo Verde.

Correia e Silva said that the Government will now take over the concession and create conditions for new projects to emerge on the site.

 

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