亏损大幅增加主要由于澳娱综合因于新服务协议于2025年12月31日届满后不续签服务协议，导致确认澳 门渔人码头投资营运的澳门渔人码头价值大幅减值亏损约12.72亿港元。 格隆汇8月31日丨澳门励骏(01680.HK)公布中期业绩，2025年上半年，公司收益为人民币1.68亿港元， 同比减少7.57%；期内亏损14.21亿港元，上年同期亏损1.10亿港元，基本每股亏损229.12港仙。 ...

Group 1 - The core point of the article is that Macau Legend Development Limited (01680.HK) announced the public tender for the sale of a property indirectly held by the company, which is located in the Hengqin Guangdong-Macao Deep Cooperation Zone [1] - The public tender will commence on September 1, 2025, at 10:00 AM and will conclude on October 30, 2025, at 6:00 PM [1] - The property consists of 971 real estate units, including 109 commercial shops and 862 parking spaces, and will be sold in its "as-is" condition [1]

Core Viewpoint - Macau Legend Development Limited (01680) announced that Zhuhai Liying, a company indirectly held 21.5% by the company, plans to sell a property through a public tender process starting from September 1, 2025, to October 30, 2025 [1] Group 1 - The property is located in the Guangdong-Hong Kong-Macau Greater Bay Area, specifically on the west side of the East Ring Road in the Hengqin Guangdong-Macau Deep Cooperation Zone [1] - The property consists of 971 real estate units, including 109 commercial shops and 862 parking spaces [1]

澳门励骏(01680)发布2025年中期业绩，持续经营业务收益1.68亿港元，同比减少7.57%;期内亏损14.21 亿港元，同比扩大1192.54%;每股基本亏损229.12港仙。 ...

Core Viewpoint - Macau Legend Development Limited (01680) announced that Zhuhai Liying, a company indirectly held 21.5% by the company, plans to sell a property through a public tender process starting from September 1, 2025, to October 30, 2025 [1] Group 1 - The property is located in the Guangdong-Hong Kong-Macau Greater Bay Area, specifically on the west side of Huan Island East Road in the Hengqin Guangdong-Macau Deep Cooperation Zone [1] - The property consists of 971 real estate units, including 109 commercial shops and 862 parking spaces [1]

Core Viewpoint - Macau Legend Development Limited (01680) reported a significant decline in its financial performance for the first half of 2025, with a notable increase in losses compared to the previous year [1] Financial Performance - The revenue from continuing operations was HKD 168 million, representing a year-on-year decrease of 7.57% [1] - The company incurred a loss of HKD 14.21 billion, which is an increase of 1192.54% compared to the same period last year [1] - The basic loss per share was HKD 2.2912 [1]

[Interim Results Overview](index=1&type=section&id=Interim%20Results%20Overview) This section presents a summary of the company's financial performance and position for the interim period, highlighting key profit and loss and balance sheet figures [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's loss before tax from continuing operations significantly widened to HKD 1,463,115 thousand, a substantial increase from HKD 243,082 thousand in the prior year, with a total loss for the period of HKD 1,420,821 thousand and basic loss per share of HKD 229.12 cents, primarily due to impairment losses on non-financial assets Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) (Restated) | | :--- | :--- | :--- | | Revenue | 168,128 | 181,890 | | Cost of sales and services | (214,636) | (263,813) | | Other income, gains and losses, net | 1,544 | (7,348) | | Impairment losses on non-financial assets | (1,272,227) | – | | Finance costs | (73,698) | (93,159) | | Loss before tax from continuing operations | (1,463,115) | (243,082) | | Loss for the period from continuing operations | (1,429,789) | (239,839) | | Profit for the period from discontinued operations | 8,968 | 129,914 | | Loss for the period | (1,420,821) | (109,925) | | Total comprehensive loss for the period | (1,421,981) | (152,471) | | Basic loss per share (HK Cents) | (229.12) | (17.73) | | Loss per share from continuing operations (HK Cents) | (230.57) | (38.68) | [Interim Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets less current liabilities significantly decreased to HKD 1,755,043 thousand from HKD 3,208,562 thousand on December 31, 2024, with net assets also falling from HKD 3,037,991 thousand to HKD 1,616,010 thousand, mainly due to loss for the period and non-financial asset impairment Interim Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Total non-current assets | 4,316,012 | 5,721,522 | | Total current assets | 128,084 | 159,686 | | Total current liabilities | 2,689,053 | 2,672,646 | | Net current liabilities | (2,560,969) | (2,512,960) | | Total assets less current liabilities | 1,755,043 | 3,208,562 | | Total non-current liabilities | 139,033 | 170,571 | | Net assets | 1,616,010 | 3,037,991 | | Total equity | 1,616,010 | 3,037,991 | [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations and breakdowns of the figures presented in the interim financial statements, including accounting policies, revenue, segment information, and significant financial events [1. Basis of Preparation](index=5&type=section&id=1.%20Basis%20of%20Preparation) The interim financial information is prepared in accordance with HKAS 34 and presented in HKD, with the company facing severe going concern uncertainties including a net current liability of HKD 2.56 billion, a loss for the period of HKD 1.42 billion, and HKD 2.057 billion in bank borrowings potentially callable due to loan covenant breaches, while actively seeking bank and controlling shareholder support and adjusting business strategy to focus on non-gaming operations for revenue growth and cost control - The company recorded **net current liabilities of approximately HKD 2,561,000,000** and a **net loss of approximately HKD 1,420,800,000** for the six months ended June 30, 2025[10](index=10&type=chunk) - The company failed to comply with loan covenants regarding minimum net assets and debt ratios, potentially leading to the immediate repayment of approximately **HKD 2,056,600,000 in bank borrowings**[11](index=11&type=chunk)[14](index=14&type=chunk) - The company's new service agreement with SJM Resorts will terminate on December 31, 2025, ceasing gaming operations, prompting a strategic shift to focus on non-gaming businesses, optimizing Macau Fisherman's Wharf facilities, enhancing experiences, and increasing flexibility for large-scale events to boost non-gaming revenue[10](index=10&type=chunk)[16](index=16&type=chunk) - The company is actively seeking waivers from banks for loan covenant breaches and requesting the controlling shareholder not to demand repayment of a **HKD 50,000,000 shareholder loan**, while also considering fundraising activities[16](index=16&type=chunk)[21](index=21&type=chunk) [2. Changes in Accounting Policies and Disclosures](index=8&type=section&id=2.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) This period's financial information adopts revised Hong Kong Financial Reporting Standards for the first time, with HKAS 21 (Amendment) "Lack of Exchangeability" having no impact on the interim condensed consolidated financial information as all the Group's transaction currencies are exchangeable - HKAS 21 (Amendment) "Lack of Exchangeability" has **no impact** on the interim condensed consolidated financial information[20](index=20&type=chunk) [3. Revenue](index=9&type=section&id=3.%20Revenue) For the six months ended June 30, 2025, total non-gaming revenue from continuing operations was HKD 168,128 thousand, a **7.6% decrease** from HKD 181,890 thousand in the prior year, with both hotel room and food and beverage revenues declining Revenue Analysis from Continuing Operations (For the six months ended June 30) | Revenue Source | 2025 (HKD Thousand) | 2024 (HKD Thousand) (Restated) | | :--- | :--- | :--- | | Hotel room revenue | 86,931 | 92,342 | | Building management services income | 13,249 | 11,275 | | Food and beverage | 46,548 | 49,770 | | Others | 1,129 | 5,282 | | Investment property franchise income | 20,271 | 23,221 | | Total non-gaming revenue | 168,128 | 181,890 | [4. Segment Information](index=9&type=section&id=4.%20Segment%20Information) The company categorizes its operations into gaming (discontinued operations) and non-gaming (continuing operations) segments; as of June 30, 2025, the gaming segment reported a loss of HKD 9,418 thousand, while the non-gaming segment incurred a loss of HKD 1,343,656 thousand, primarily due to significant impairment losses in the non-gaming segment, with gaming operations set to cease on December 31, 2025 - Gaming operations will terminate by December 31, 2025, with revenue recognized based on **gaming net win**[25](index=25&type=chunk) Revenue and Results Analysis by Operating and Reportable Segments for Continuing Operations (For the six months ended June 30) | Segment | 2025 Revenue (HKD Thousand) | 2025 Loss (HKD Thousand) | 2024 Revenue (HKD Thousand) (Restated) | 2024 Profit/(Loss) (HKD Thousand) (Restated) | | :--- | :--- | :--- | :--- | :--- | | Gaming | 175,072 | (9,418)* | 208,511 | 39,973 | | Non-gaming | 188,164 | (1,343,656) | 199,612 | (108,942) | | Consolidated Revenue | 343,200 | – | 390,401 | – | | Loss before tax from continuing operations | (1,463,115) | – | (243,082) | – | - The non-gaming segment loss includes significant impairment losses of **HKD 1,004,584 thousand for property and equipment** and **HKD 267,190 thousand for right-of-use assets**[26](index=26&type=chunk) [5. Impairment Losses on Non-financial Assets](index=12&type=section&id=5.%20Impairment%20Losses%20on%20Non-financial%20Assets) Due to the impending expiry of the new service agreement and SJM Resorts' decision not to renew gaming operations, the company conducted an impairment assessment on non-current non-financial assets of its Macau cash-generating unit, recording total impairment losses of HKD 1,272,227 thousand, primarily related to property and equipment and right-of-use assets Analysis of Impairment Losses on Non-financial Assets (For the six months ended June 30) | Impairment Item | 2025 (HKD Thousand) | | :--- | :--- | | Deposits paid | 453 | | Property and equipment | 1,004,584 | | Right-of-use assets | 267,190 | | Total impairment losses | 1,272,227 | - The impairment loss is primarily due to SJM Resorts' decision not to continue gaming operations at the Legend Palace Casino after the service agreement expires on **December 31, 2025**[29](index=29&type=chunk) [6. Finance Costs](index=13&type=section&id=6.%20Finance%20Costs) For the six months ended June 30, 2025, total finance costs from continuing operations decreased to HKD 73,698 thousand from HKD 93,159 thousand in the prior year, primarily due to lower interest on bank borrowings Analysis of Finance Costs (For the six months ended June 30) | Finance Cost Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) (Restated) | | :--- | :--- | :--- | | Interest on bank borrowings | 59,136 | 72,311 | | Interest on other borrowings | 13,607 | 17,266 | | Interest on lease liabilities | 2,475 | 2,431 | | Amortisation of finance costs for bank borrowings and other finance costs | (1,520) | 1,151 | | Total finance costs | 73,698 | 93,159 | [7. Loss Before Tax](index=13&type=section&id=7.%20Loss%20Before%20Tax) Loss before tax from continuing operations is primarily influenced by factors such as depreciation of property and equipment, depreciation of right-of-use assets, and net franchise income from investment properties Components of Loss Before Tax (For the six months ended June 30) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) (Restated) | | :--- | :--- | :--- | | Cost of inventories sold | 22,065 | 26,806 | | Depreciation of investment properties | 8,997 | 8,997 | | Depreciation of property and equipment | 87,829 | 127,367 | | Depreciation of right-of-use assets | 20,298 | 22,381 | | Loss on disposal of property and equipment | 47 | 9,978 | | Net franchise income from investment properties | (11,274) | (14,224) | [8. Income Tax Credit](index=14&type=section&id=8.%20Income%20Tax%20Credit) For the six months ended June 30, 2025, continuing operations recorded an income tax credit of HKD 33,326 thousand, a significant increase from HKD 3,243 thousand in the prior year Analysis of Income Tax Credit (For the six months ended June 30) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) (Restated) | | :--- | :--- | :--- | | Deferred tax credit | 33,336 | 3,253 | | Total tax credit for the period from continuing operations | 33,326 | 3,243 | | Total tax expense for the period from discontinued operations | – | (15,481) | | Total tax credit/(expense) | 33,326 | (12,238) | [9. Discontinued Operations](index=14&type=section&id=9.%20Discontinued%20Operations) For the six months ended June 30, 2025, profit from discontinued operations was HKD 8,968 thousand, a significant decrease from HKD 129,914 thousand in the prior year, primarily due to reduced profit from Macau gaming-related operations and the completed disposal of the Laos business in May 2024 Profit for the Period from Discontinued Operations (For the six months ended June 30) | Discontinued Operations | 2025 (HKD Thousand) | 2024 (HKD Thousand) (Restated) | | :--- | :--- | :--- | | Discontinued Macau gaming-related operations | 8,968 | 54,879 | | Discontinued Laos operations | – | 75,035 | | Profit for the period from discontinued operations | 8,968 | 129,914 | - Macau gaming-related operations will cease upon the expiry of the new service agreement on **December 31, 2025**[35](index=35&type=chunk) - The Laos business was disposed of in **May 2024** to concentrate resources on Macau operations[39](index=39&type=chunk) [10. Dividends](index=17&type=section&id=10.%20Dividends) The Board of Directors decided not to declare any dividends for the 2025 interim period - The Board of Directors decided **not to declare any interim dividends** for the six months ended June 30, 2025 (2024: nil)[41](index=41&type=chunk) [11. Loss Per Share](index=18&type=section&id=11.%20Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share significantly increased to HKD 229.12 cents from HKD 17.73 cents in the prior year, primarily due to the widening loss from continuing operations Calculation of Basic Loss Per Share (For the six months ended June 30) | Loss Source | 2025 (HKD Thousand) | 2024 (HKD Thousand) (Restated) | | :--- | :--- | :--- | | From continuing operations | (1,429,823) | (239,839) | | From discontinued Macau gaming-related operations | 9,002 | 54,879 | | From discontinued Laos operations | – | 75,035 | | Total loss | (1,420,821) | (109,925) | | Weighted average number of ordinary shares (Thousand Shares) | 620,119 | 620,119 | [12. Trade and Other Receivables, Deposits and Prepayments](index=19&type=section&id=12.%20Trade%20and%20Other%20Receivables,%20Deposits%20and%20Prepayments) As of June 30, 2025, total trade and other receivables, deposits, and prepayments were HKD 93,791 thousand, comparable to HKD 94,236 thousand on December 31, 2024, with **HKD 5,077 thousand** of trade receivables overdue for more than one year Trade and Other Receivables, Deposits and Prepayments (As of June 30) | Item | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Trade receivables (net of impairment) | 58,583 | 59,345 | | Other receivables (net of impairment) | 15,707 | 18,277 | | Deposits and prepayments | 19,501 | 16,614 | | Total | 93,791 | 94,236 | Ageing Analysis of Trade Receivables (Net of impairment allowance) | Ageing | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Within 3 months | 52,630 | 53,541 | | Over 1 year | 5,077 | 5,077 | [13. Trade and Other Payables](index=20&type=section&id=13.%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables increased to HKD 292,270 thousand from HKD 266,087 thousand on December 31, 2024, primarily due to an increase in other miscellaneous accrued expenses Trade and Other Payables (As of June 30) | Item | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Trade payables | 41,304 | 33,837 | | Construction payables and retention money | 17,493 | 16,307 | | Other payables | 76,915 | 73,827 | | Tenant deposits received | 27,124 | 27,323 | | Accrued staff costs | 37,464 | 37,203 | | Other miscellaneous accrued expenses | 91,970 | 77,590 | | Total | 292,270 | 266,087 | [14. Comparative Amounts](index=20&type=section&id=14.%20Comparative%20Amounts) Comparative figures in the unaudited condensed consolidated statement of profit or loss and other comprehensive income have been restated to reflect discontinued operations as if they had been discontinued at the beginning of the comparative period - Comparative figures have been **restated** to reflect the impact of discontinued operations[49](index=49&type=chunk) [Independent Auditor's Report](index=21&type=section&id=Independent%20Auditor's%20Report) This section contains the independent auditor's assessment of the interim financial information, including a disclaimer of conclusion due to significant going concern uncertainties [Basis for Disclaimer of Conclusion](index=21&type=section&id=Basis%20for%20Disclaimer%20of%20Conclusion) The auditor is unable to express a conclusion due to multiple going concern uncertainties, including substantial net current liabilities, a loss for the period, bank borrowings potentially callable due to covenant breaches, and the impending termination of the gaming service agreement; despite management's proposed plans, their successful implementation remains highly uncertain - The auditor cannot conclude on the appropriateness of the going concern basis due to significant uncertainties, including **net current liabilities of HKD 2,561,000,000**, a **loss for the period of HKD 1,420,800,000**, and **HKD 2,056,600,000 in bank borrowings** potentially callable due to loan covenant breaches[50](index=50&type=chunk)[51](index=51&type=chunk) - The company's operations providing services to gaming operators will cease upon the service agreement's expiry on **December 31, 2025**, further exacerbating going concern uncertainties[50](index=50&type=chunk) - The validity of the going concern assumption hinges on the company's ability to successfully change its business strategy, secure ongoing support from creditor banks and the controlling shareholder, and timely complete fundraising activities[51](index=51&type=chunk) [Disclaimer of Conclusion](index=22&type=section&id=Disclaimer%20of%20Conclusion) Due to the potential interplay and cumulative impact of various uncertainties related to going concern, the auditor is unable to express a conclusion on the interim financial information - The auditor cannot form a conclusion on the interim financial information due to the potential interplay and cumulative impact of various uncertainties related to going concern on the interim financial information[52](index=52&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) This section offers management's perspective on the company's interim financial performance, operational highlights, future outlook, liquidity, and human resources [Interim Results Overview](index=22&type=section&id=Interim%20Results%20Overview) For the six months ended June 30, 2025, revenue from gaming services (discontinued operations) decreased by **16.0% year-on-year to HKD 175.1 million**, while total non-gaming revenue (continuing operations) decreased by **7.6% year-on-year to HKD 168.1 million**, primarily due to declines in hotel room and food and beverage revenues Performance of Gaming Services (Discontinued Operations) (For the six months ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Rolling chip turnover | 2,438,411 | 2,171,282 | 12.3 | | Net win | 318,312 | 379,111 | (16.0) | | Win rate | 13.05% | 17.46% | (4.4) | | Reported revenue | 175,072 | 208,511 | (16.0) | Revenue Composition of Non-Gaming (Continuing Operations) (For the six months ended June 30) | Revenue Source | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Hotel room revenue | 86,931 | 92,342 | | Investment property franchise income | 20,271 | 23,221 | | Building management services income | 13,249 | 11,275 | | Food and beverage | 46,548 | 49,770 | | Others | 1,129 | 5,282 | | Total | 168,128 | 181,890 | Key Hotel Operating Data (For the six months ended June 30) | Hotel | 2025 Occupancy Rate (%) | 2025 Average Daily Rate (HKD) | 2025 Revenue Per Available Room (HKD) | | :--- | :--- | :--- | :--- | | Legend Palace Hotel | 91.7 | 942 | 855 | | Harbourview Hotel | 88.8 | 766 | 680 | | Hotel | 2024 Occupancy Rate (%) | 2024 Average Daily Rate (HKD) | 2024 Revenue Per Available Room (HKD) | | :--- | :--- | :--- | :--- | | Legend Palace Hotel | 90.8 | 951 | 863 | | Harbourview Hotel | 89.1 | 779 | 694 | [Adjusted EBITDA](index=24&type=section&id=Adjusted%20EBITDA) For the six months ended June 30, 2025, the company's total adjusted EBITDA significantly decreased to HKD 34,694 thousand from HKD 106,791 thousand in the prior year, with adjusted EBITDA from continuing operations shifting from a profit of HKD 18,700 thousand to a loss of approximately HKD 100 thousand, mainly due to a reduction in property tax accrual reversals Reconciliation of Adjusted EBITDA to Profit/(Loss) for the Period (For the six months ended June 30, 2025) | Item | Discontinued Macau Gaming-Related Operations (HKD Thousand) | Continuing Operations (HKD Thousand) | Total (HKD Thousand) | | :--- | :--- | :--- | :--- | | Profit/(Loss) for the period | 8,968 | (1,429,789) | (1,420,821) | | Finance costs | 4,066 | 73,698 | 77,764 | | Depreciation and amortisation | 5,653 | 117,124 | 122,777 | | Impairment losses | 16,003 | 1,272,246 | 1,288,249 | | Income tax credit | – | (33,326) | (33,326) | | Adjusted EBITDA | 34,819 | (125) | 34,694 | Reconciliation of Adjusted EBITDA to Profit/(Loss) for the Period (For the six months ended June 30, 2024) | Item | Discontinued Macau Gaming-Related Operations (HKD Thousand) | Discontinued Laos Operations (HKD Thousand) | Continuing Operations (HKD Thousand) | Total (HKD Thousand) | | :--- | :--- | :--- | :--- | :--- | | Profit/(Loss) for the period | 54,879 | 75,035 | (239,839) | (109,925) | | Finance costs | 4,089 | 138 | 93,159 | 97,386 | | Depreciation and amortisation | 7,275 | 9,865 | 158,746 | 175,076 | | Impairment losses | 4 | (81) | 31 | (46) | | Income tax expense/(credit) | 385 | 15,096 | (3,243) | 12,238 | | Gain on disposal of Laos operations | – | (77,912) | – | (77,912) | | Adjusted EBITDA | 66,640 | 21,465 | 18,686 | 106,791 | - Adjusted EBITDA from continuing operations recorded a **loss of approximately HKD 100 thousand**, a decrease of approximately **HKD 18,800 thousand** compared to a profit of approximately HKD 18,700 thousand in the prior period, primarily due to a **HKD 15,300 thousand reversal of property tax accruals** in the prior period that was not recorded this period[63](index=63&type=chunk) [Dividends](index=27&type=section&id=Dividends) The Board of Directors decided not to declare any interim dividends for the six months ended June 30, 2025 - The Board of Directors will **not declare any interim dividends** for the six months ended June 30, 2025 (2024: nil)[65](index=65&type=chunk) [Outlook](index=27&type=section&id=Outlook) The company maintains a cautiously optimistic outlook on Macau's tourism, retail, and F&B sectors, noting increased visitor numbers but decreased hotel occupancy and retail sales; with gaming operations ceasing by end-2025, the company aims to mitigate impact by optimizing Macau Fisherman's Wharf facilities, enhancing outdoor entertainment, and developing sports spaces to focus on non-gaming businesses - Macau's total visitor arrivals increased by **15.0%** from **16.7 million** in the first two quarters of 2024 to **19.2 million** in the same period of 2025[66](index=66&type=chunk) - Monthly average hotel occupancy rates only increased by approximately **5.1%**, while total retail sales decreased by **8.9%**, indicating a more rational consumption pattern among tourists and locals[66](index=66&type=chunk) - The gaming service agreement will **not be renewed** upon its expiry on **December 31, 2025**, which is expected to impact the company but will be mitigated by improving non-gaming business revenue[66](index=66&type=chunk) - The company will continue to allocate resources to optimize Macau Fisherman's Wharf facilities, enhance the waterfront integrated resort experience, and explore further synergies, including hosting large-scale events, to advance Macau's goals as a "City of Performing Arts" and "City of Sports"[68](index=68&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company's net assets decreased by approximately HKD 1,422,000 thousand to HKD 1,616,000 thousand, primarily due to the loss for the period; cash and bank balances were HKD 21,700 thousand, while total outstanding borrowings were approximately HKD 2,396,000 thousand, with the net gearing ratio significantly rising from **77.4%** on December 31, 2024, to **146.8%**, reflecting increased liquidity pressure - As of June 30, 2025, the consolidated net assets attributable to owners of the company were approximately **HKD 1,616,000,000**, a decrease of approximately **HKD 1,422,000,000** from December 31, 2024[69](index=69&type=chunk) - Cash and bank balances were approximately **HKD 21,700,000**, while total outstanding borrowings were approximately **HKD 2,396,000,000**[10](index=10&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) - The net gearing ratio significantly increased from **77.4%** on December 31, 2024, to **146.8%** on June 30, 2025[73](index=73&type=chunk) - Certain company assets, including investment properties, buildings, right-of-use assets, trade receivables, and bank deposits, have been **pledged to secure credit facilities and electricity**[72](index=72&type=chunk) [Purchase, Sale or Redemption of Listed Shares](index=29&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Shares) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any listed shares - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries **purchased, sold, or redeemed any shares**[74](index=74&type=chunk) [Employees and Remuneration Policy](index=29&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had approximately 1,140 employees, with about 325 in gaming operations whose salaries are paid by SJM Resorts but monitored and fully reimbursed by the Group; the company is committed to maintaining a stable workforce, with remuneration policies based on qualifications, performance, experience, and market trends, offering benefits like retirement and medical subsidies - As of June 30, 2025, the Group had a total of approximately **1,140 employees**, of whom approximately **325 were gaming operations employees**[75](index=75&type=chunk) - Employee remuneration is determined by individual qualifications, job performance, industry experience, responsibilities, and relevant market trends, with various benefits provided[75](index=75&type=chunk) [Corporate Governance](index=30&type=section&id=Corporate%20Governance) This section outlines the company's adherence to corporate governance principles and explains any deviations from the established code [Compliance with Corporate Governance Code](index=30&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) For the six months ended June 30, 2025, the company has complied with the Corporate Governance Code, with the exception of Code Provision C.2.1 - The company has complied with the Corporate Governance Code for the six months ended June 30, 2025, **except for Code Provision C.2.1**[76](index=76&type=chunk) [Code Provision C.2.1](index=30&type=section&id=Code%20Provision%20C.2.1) Mr. Li Chi Keung serves concurrently as the company's Chairman and Chief Executive Officer, deviating from the Corporate Governance Code's requirement for distinct roles; the Board believes this structure provides strong and consistent leadership with sufficient safeguards to ensure a balance of power - Mr. Li Chi Keung concurrently holds the roles of Chairman of the Board and Chief Executive Officer, deviating from **Code Provision C.2.1** of the Corporate Governance Code[77](index=77&type=chunk) - The Board believes this structure provides **strong and consistent leadership**, with sufficient safeguards ensured by the balanced composition of executive and independent non-executive directors on the Board and oversight by various committees[77](index=77&type=chunk) [Events After Reporting Period](index=30&type=section&id=Events%20After%20Reporting%20Period) Other than those disclosed in this announcement, there were no significant events after the reporting period requiring adjustment to the financial statements or materially impacting the Group's current condition - There were **no other significant events** after the reporting period requiring adjustment to the financial statements or materially impacting the Group's current condition[78](index=78&type=chunk) [Review of Unaudited Interim Condensed Consolidated Financial Information](index=31&type=section&id=Review%20of%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Information) The company's unaudited interim condensed consolidated financial information for the six months ended June 30, 2025, has been reviewed by the Audit Committee and by the independent auditor in accordance with Hong Kong Standard on Review Engagements 2410; the Audit Committee believes the interim results comply with relevant accounting standards, rules, and regulations - The interim condensed consolidated financial information has been **reviewed by the Audit Committee** and by the independent auditor in accordance with **Hong Kong Standard on Review Engagements 2410**[79](index=79&type=chunk) - The Audit Committee believes the interim results comply with relevant accounting standards, rules, and regulations, and have been **appropriately disclosed**[79](index=79&type=chunk) [Definitions](index=31&type=section&id=Definitions) This section provides key terms and their definitions used in this announcement to ensure consistent understanding of the report's content [Board of Directors](index=33&type=section&id=Board%20of%20Directors) This section lists the company's Board of Directors members as of the announcement date, including executive, non-executive, and independent non-executive directors - As of the date of this announcement, the executive directors are Mr. Li Chi Keung and Ms. Lam Shu Yan; the non-executive directors are Ms. Ho Chiu Lin, Mr. Li Chun Tak, and Mr. Wong Chi Man; and the independent non-executive directors are Mr. Lau Yee Keung, Mr. Mak Ka Wing, and Ms. Ma Cheuk Ling[82](index=82&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 Macau Legend Development Limited 澳門勵駿創建有限公司* （於開曼群島註冊成立的有限公司） （股份代號：01680） 內幕消息 就可能出售該物業進行公開招標 本公告乃由本公司根據上市規則第13.09條及證券及期貨條例第XIVA部之內幕消息條文（定義見上 市規則）而作出。 可能出售事項 董事會宣佈，珠海勵盈為一間由本公司間接持有21.5%的公司，擬以公開招標的方式出售該物 業。公開招標將自二零二五年九月一日上午十時正起至二零二五年十月三十日下午六時正為止。 有 關 可 能 出 售 事 項 的 公 開 招 標 通 告（ 載 有 公 開 招 標 的 詳 情 ）將 在 珠 海 勵 盈 的 網 站 http://ponto-legend.com發佈。公開招標無設定初始投標價格。代價將取決於中標人提供的最終投 標價格而定。 上市規則項下的潛在影響 倘可能出售事項經落實並受限於雙方訂立 ...

Core Viewpoint - The company is experiencing a significant decline in revenue and an increase in losses due to a drop in gaming-related operational income and a major impairment loss related to its assets [1] Financial Performance - For the six months ending June 30, 2025, the company's total revenue is expected to decrease by approximately 12% compared to the same period last year [1] - The anticipated loss for this period is around 1.421 billion HKD, a substantial increase from a loss of approximately 110 million HKD in the same period last year [1] Impairment Loss - The major reason for the increased loss is a significant impairment loss of approximately 1.288 billion HKD related to the company's holdings in the Macau Fisherman's Wharf, due to the non-renewal of a third-party service agreement [1] Adjusted EBITDA - Excluding the impairment loss and its tax impact, the expected loss is projected to increase by about 23 million HKD compared to the previous year, primarily due to a reduction of approximately 30 million HKD in adjusted EBITDA from gaming-related operations [1]

Core Viewpoint - Macau Legend Development Limited (01680) reported a significant decline in total revenue for the six months ending June 30, 2025, with an approximate decrease of 12% compared to the same period in 2024, primarily due to reduced revenue from gaming operations [1] Financial Performance - The company anticipates a loss of approximately HKD 1.421 billion for the reporting period, a substantial increase from a loss of about HKD 110 million in the same period last year [1] - The major increase in loss is attributed to a significant impairment loss of approximately HKD 1.288 billion related to the value of the Macau Fisherman's Wharf, due to the non-renewal of the service agreement with Melco Resorts & Entertainment Limited, which expires on December 31, 2025 [1] - Excluding the impact of the impairment loss and related deferred tax effects, the expected loss for the reporting period is projected to increase by approximately HKD 23 million (around 21%) compared to the previous year, mainly due to a decrease of about HKD 30 million in adjusted EBITDA from gaming operations [1]