Content Writer: Janice Chew • Monday, 26/01/2026 - 14:38:00 - PM
The Cape Verde government has formally taken over an unfinished hotel-casino project originally developed by Macau Legend Development, marking a decisive intervention aimed at preventing further deterioration of a long-stalled investment. The project, envisioned as a flagship tourism and gaming development, had remained incomplete for years due to financial and operational challenges faced by the Macau-listed firm.
According to official statements, the Cape Verde authorities exercised their legal right to reclaim control after repeated delays and unmet contractual obligations. The government stressed that the takeover is intended to protect national interests, preserve the value of the partially completed structure, and reassess how the site can best contribute to the country’s long-term tourism and economic strategy. Officials also signaled openness to bringing in new investors or operators once a full technical and financial review is completed.
For Macau Legend Development, the loss of the Cape Verde project adds to a series of setbacks linked to overseas expansion. The company has faced liquidity pressure and has been scaling back or restructuring non-core assets as it navigates a challenging post-pandemic operating environment. Analysts note that the Cape Verde development was once positioned as a gateway for Macau Legend’s entry into emerging gaming markets, but prolonged inactivity ultimately eroded confidence among local stakeholders.
The move highlights broader risks associated with exporting casino-resort models into smaller or developing jurisdictions, where financing, regulatory alignment, and market demand can prove more fragile than initially projected. For Cape Verde, the government’s takeover may offer a chance to reset the project under more realistic assumptions, potentially repositioning it as a mixed-use or tourism-led development rather than a pure gaming play. Much will depend on investor appetite and the authorities’ ability to strike a sustainable new path forward.