Cabo Verde government revokes casino concession with Macau Legend Development

The Cape Verdean government has officially terminated its contracts with Macau Legend Development (MLD), citing "flagrant and repeated" violations of obligations related to a $265 million tourism and casino project in Praia. Prime Minister Ulisses Correia e Silva highlighted that MLD breached its commitments, including unauthorized transfers of over 20% of the project's share capital. The decision comes after years of stalled development, with construction only beginning in 2016 but halting shortly thereafter. The government noted that MLD's leadership had indicated plans to wind down operations in Cabo Verde and Cambodia by 2025, further complicating the situation.

In a statement published in the official gazette, the government pointed to various legal issues involving MLD's shareholders and executives as part of the rationale for its decision. Despite attempts to negotiate a resolution, including opportunities for MLD to resume work or transfer shares, no viable alternatives were presented. The Council of Ministers emphasized that the contractual violations justified the termination of all agreements related to the project.

As Cape Verde looks to reclaim the site for new investments, officials are actively seeking new partners to ensure the project's future completion. The government's resolution reflects its commitment to finding a viable solution after years of inactivity at the site, which remains largely undeveloped.