Macau Legend Development : Announces 2018 Annual Results

聯交所主板股份代號 :1680

SEHK Stock Code

FOR IMMEDIATE RELEASE

Macau Legend Announces 2018 Annual Results

(28 March 2019, Hong Kong) Macau Legend Development Limited ("MLD" or the "Company"; SEHK Stock Code: 1680), one of the leading owners of entertainment and casino gaming facilities in Macau, today announced today announced audited consolidated financial results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 December 2018.

The Group

Reported revenue increased by approximately 2% year on year ("YOY") to HK$1,865 million

-Gaming revenue increased by 12% YOY to HK$1,358 million

-Non-gamingrevenue decreased by 19% YOY to HK$507 million, primarily due to the disposal of The Landmark Macau

Adjusted EBITDA increased by 29% YOY to HK$360 million

-Adjusted EBITDA from the Group excluding the Savan Legend and unallocated corporate expenses, increased by 32% YOY to HK$290 million

Profit attributable to the Group was HK$1,966 million. The net profit was mainly due to a gain in the disposal of The Landmark Macau in April 2018 and the recovering gaming performance with positive results on expenses streamlining

Gaming Services in Macau

Gaming revenue contributed by Legend Palace Casino increased by 123% YOY to HK$683 million

Gaming revenue of mass market gaming tables in Macau increase by 20% YOY to HK$958 million. Revenue from VIP tables in Macau increase by 3% to HK$162 million.

Non-gaming Operations in Macau

Total non-gaming revenue decreased to HK$507 million mainly due to decrease of revenue contributed by The Landmark Macau after its disposal

The occupancy rate of Harbourview Hotel and Legend Palace Hotel increased to 95% and 96%; ADR increased to HK$959 and HK$1,651; and REVPAR increased to HK$907 and HK$1,580.

MLD Annual 2018 Page 1 of 3

Macau Legend Announces 2018 Annual Results (cont'd)

Savan Legend

Savan Legend Casino contributed gaming revenue of HK$231 million and Adjusted EBITDA of HK$119 million

OVERVIEW OF ANNUAL RESULTS

For the year ended 31 December 2018, the Group recorded total reported revenue of HK$1,865 million, an increase of approximately 2% or HK$29 million over the last year. Gaming revenue of the Group increased by 12% to HK$1,358 million. Adjusted EBITDA was HK$ 360 million, representing an increase of 29% when compared to that of 2017.

Co-Chairman, Executive Director and Chief Executive Officer of Macau Legend, Mr. David Chow, said, "The Group's financial performance in revenue and Adjusted EBITDA was benefited from the improving gaming performance of our casinos, especially for Legend Palace, as well as our positive efforts in streamlining expenses. We will prudently and proactively seek expansions of business within and outside Macau and will phase each of our new projects to better manage risk and liquidity."

"In Macau, we will seek improvements and upgrades to our operations at Macau Fisherman's Wharf by introducing a virtual reality experience centre, a wax museum and new dining facilities in the second half of this year. The convention and exhibition centre will also be upgraded. Together with the continued improvement of existing offers, the new additions will further reposition Macau Fisherman's Wharf as a prime tourist attraction on the Macau Peninsula," he said.

"Overseas in Laos, Savan Legend Resorts is further improving its hotel, gaming and non- gaming facilities. In Cape Verde, we have completed the superstructure work of the office building. Closer to Macau, the Group is now finalizing the acquisition of a minority interest in a shopping complex at a strategic location in Hengqin, adjacent to the crossing to Cotai. We believe that such investment will create synergy with our existing business in Macau."

"There is optimism that the uncertainties resulted from global trade disputes will be relieved in the coming months, and with more visitations expected from the opening of the Hong Kong - Zhuhai - Macau bridge, there are positive expectations for the overall tourism growth for Macau," said Mr. Chow.

MLD Annual 2018 Page 2 of 3

About Macau Legend Development Limited

Macau Legend Development Limited is one of the leading owners of entertainment and casino gaming facilities and leisure complex in Macau. It is headquartered at MFW, which follows the "Leisure, Tourism, Economic and Multi-Cultural Diversification" policy of the Macau SAR Government, and is a waterfront integrated gaming, hotel, convention and entertainment complex located on the outer harbor of the Macau Peninsula. In addition to operating its hotels and non-gaming entertainment facilities, Macau Legend provides gaming services to Sociedade de Jogos de Macau, S.A. at Legend Palace Casino, Babylon Casino and Landmark Casino. In addition to the investment in Macau, the Group also entered into agreements with Government of Cape Verde in July 2015 and the Government of the Lao PDR in May 2016 to develop integrated leisure, tourism and entertainment complexes in Cape Verde and the Lao PDR, respectively. The Group also owns and operates the Savan Legend Resorts in the Lao PDR. (Website: www.macaulegend.com)

MLD Annual 2018 Page 3 of 3