The government of Cape Verde has officially seized the assets and structure of a long-delayed hotel-casino project in the capital city of Praia.
The seizure, confirmed in a government statement released on Saturday, marks the definitive end of a venture originally launched by Macau Legend Development. Authorities acted based on a 2014 memorandum of understanding regarding tourism and real estate development in the bay area, citing the investor’s inability to fulfill contractual obligations.
A Legacy of Broken Promises
The project began with high ambitions in 2015 when David Chow proposed a €250 million (approximately $290 million) investment. Construction commenced in 2016 with a target to finish the first stage by 2021, but momentum quickly stalled due to the developer’s financial difficulties. Today, the site remains incomplete, featuring “unfinished bones of ambition” rather than the bustling tourism hub originally promised.
Revocation of Rights and Financial Fallout
The reversion process began escalating in October 2023 when Cape Verdean officials initiated steps to revoke Macau Legend’s gambling rights. This culminated in a full contract termination in November 2024, as the government found the breaches of legal and tourism terms “beyond repair”.
Macau Legend has acknowledged the failure, booking significant write-downs on deposits, equipment, and lease rights associated with the island nation.
Uncertain Future for the Bay Area
The executive branch of Cape Verde emphasized that it had “tried every avenue to get the project moving” before resorting to seizure. With the assets now under state control, the path is cleared for potential new partners to revitalize the site. However, the immediate legacy of the project is one of lost economic opportunity for locals who had awaited a tourism boom that never materialized.
