Cape Verde’s Deputy Prime Minister, Olavo Correia, has disclosed that the government is engaged in discussions with Macau Legend Development regarding the reversion of a gaming concession granted to the Macau-based casino services operator.
Speaking to the archipelago’s public radio broadcaster, RTC, Correia shed light on the ongoing negotiations surrounding the Djeu na Gamboa casino-resort project in the country’s capital, Cidade da Praia.
Correia recounted the project’s inception in 2004 with the initial signing of a protocol involving businessman David Chow. Subsequent milestones included a memorandum of understanding in 2014 and the formalization of an establishment agreement in 2015.
Over the years, the project underwent alterations, marked by the signing of two addenda in 2017 and 2019 to resize its scope. Acknowledging discrepancies between the project promoter and the government, Correia affirmed that David Chow’s actions are viewed as breaching Cape Verdean regulations.
He further elaborated on the government’s stance during his recent visit to Macau for the 6th Forum Macau Ministerial Conference, underscoring the intention to pursue an amicable resolution with Chow to facilitate the return of land and concession rights, thereby allowing for the engagement of an alternative promoter for the Djeu na Gamboa project.
These developments come in the wake of an announcement made by Cape Verde’s Prime Minister in October 2023 regarding the revocation of the concession for the hotel-casino project following Macau Legend’s decision to withdraw from the venture.
In light of these circumstances, the government has set a two-month deadline, effective immediately, to reach a mutually beneficial agreement with the project’s promoter.
Reiterating the government’s commitment to finding a viable path forward, Correia assured stakeholders of ongoing efforts to broker a resolution with David Chow’s company, with the aim of redirecting the trajectory of the casino-resort project.
Original article: https://www.yogonet.com/international/noticias/2024/05/15/72185-cape-verde-govt-in-negotiations-with-macau-legend-over-gaming-concession-reversion
