The Company and its subsidiaries (“Group”)’s businesses include (i) the provision of gaming services to SJM in two major casinos in its properties, namely Pharaoh’s Palace Casino in The Landmark Macau and Babylon Casino in MFW under the Service Agreement; and (ii) the operation of hotels, entertainment and leisure facilities within its properties.
The redevelopment of MFW (“MFW Redevelopment”) will increase the offerings of MFW and should attract a wider range of customers. The MFW Redevelopment involves the redevelopment of existing facilities as well as the addition of new facilities, such as Harbourview Hotel, Legend Palace Hotel, Legendale Hotel, two new casinos, general entertainment and cultural facility, a canopied open-air shopping, dining and entertainment colonnade, a yacht club at the marina and other attractions.
On 18 May 2012, the Group completed the acquisition of the entire equity interest in MFW International Investment Limited (“MFW Investment”). The MFW Investment is principally engaged in operating MFW.
On 5 July 2013, 934,827,000 new shares of the company, representing 15% of its enlarged issued share capital immediately after the completion of the global offering, were issued at HK$2.35 per share for cash through an initial public offering by way of Hong Kong public offer and international placing. Effective as of that date, the shares of the company have been listed on the Main Board of The Stock Exchange of Hong Kong Limited. The Company raised net proceeds of approximately HK$2.1 billion from the global offering.
In January 2014, the Company completed a top-up placement of 188,000,000 new shares, representing approximately 2.92% of the enlarged issued share capital of the Company upon completion of the top-up placement, to certain independent professional, institutional and other investors at HK$7.25 per share and raised net proceeds of approximately HK$1,350.8 million.
On 8 April 2014, the Company entered into the Facility Agreement with Industrial and Commercial Bank of China (Macau) Limited and the other lenders relating to the facility in the amount of HK$4,221.0 million made available to MFW Investment.
On 3 July 2014, the Group obtained the approval from independent shareholders of the Company at an extraordinary general meeting of the Company for the establishment of the VIE Structure. The VIE Structure allows the Group to indirectly participate in the gaming promotion business and have a greater control over the management and marketing of the VIP rooms operated by New Legend in the casinos located in its properties, as well as enhance its market footprint and receive a higher percentage of gross gaming revenue generated by the gaming tables in these VIP rooms.
On 28 October 2014, the Group was advised by the DICJ that 35 additional gaming tables were granted to the Company. The additional gaming tables will increase the gaming capacity of the Group and support the current development of MFW.Harbourview Hotel, the first new hotel under the MFW Redevelopment, commenced soft opening on 2 February 2015 and had its grand opening on 11 February 2015. With design based on the 18th century Prague architectural style, Harbourview Hotel contributes an additional 389 rooms and 55 suites to the tourism market of the Macau Peninsula. The hotel is connected via footbridges to the adjacent Babylon Casino.
On 22 July 2015, the Company entered into agreements with the Government of Cape Verde to develop a world-class integrated leisure, tourism and entertainment complex in Praia, the capital city of Cape Verde on Santiago Island, with an investment amount of approximately €250 million (equivalent to approximately HK$2,150 million) (the “Project”). Land concession for the Project is 75 years. The Group has been granted a 25 years gaming concession on Santiago Island (of which the first 15 years is on an exclusive basis). In addition, the Group has been granted an exclusive nationwide operation of online gaming, physical and online sports betting for a period of 10 years from the commencement of the operation of the online gaming business by the Group in Cape Verde.