Macau Legend Development Ltd. has begun constructing a $275-million casino complex in Cape Verde, locate off of the coast of West Africa. Billionaire and former Macau legislator, David Chow, is leading Macau Legend and hopes to continue its domestic success abroad.
The Numbers Don’t Lie
Figures released Monday by Macau’s Gaming Inspection and Coordination Bureau (DICJ) show double-digit growth in gaming revenue for the month of April. Reports suggest that gaming territory saw an increase of 16.3 percent in gaming revenue in comparison to April of 2016. This additional $2.52 billion marks the ninth straight month of year-on-year improvements, following a stretch of negative monthly numbers that lasted for more than two years.
This significant improvement has led to the development of the 1.6 million square-foot complex in Cape Verde. The complex will be located in the city of Praia and will part of the project will be built on reclaimed land that was once under the sea. Macau Legend’s plans will include a resort, casino, office buildings, and a museum. The first phase of the casino has begun construction, but so far the only thing to show for it is a seawall. According to a spokesperson, hotel construction is expected to begin soon. The entirety of the project is expected to conclude sometime in 2019.
A Shift in Gaming Trends
Recent trends in the casino industry suggest a shift from a traditional casino that draws from local players as the prime target audience. The casino in Cape Verde is home to half a million residents but the majority of the casino’s patrons are expected to come from all over the world. Macau Legend will cater to tourists from Europe and China as its largest source of customers.
China has consistently been the highest spending tourist group in recent years. In the past 12 months Chienese tourists have spent $261 billion, according to the UN World Tourism Organization. Macau Legend is hoping to combine the attractive destination of Cape Verde with a lucrative gaming market in Asia and Europe.
This casino development is also an extension of the Maritime Silk Road that China has used to establish Macau as a large tourist destination for citizens across the globe. Back in 2015, Chow expressed his interest in pursuing this project in an attempt to follow the national policy of China and establish the city of Macau as a Vanguard for expansion. If the recent success is any indicator of things to come in Cape Verde, then Macau Legend has made a sound investment.