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Macau Legend Development ( (HK:1680) ) has shared an update.
Macau Legend Development has clarified that its former auditor EY resigned after the company sought a lower audit fee as part of cost-control efforts and obtained more competitive proposals from other firms. The board regards EY’s departure as a mutual agreement and has turned to Baker Tilly, which it says can offer lower fees due to a leaner cost structure and a reduced audit scope following asset disposals and discontinuation of certain gaming activities.
The audit committee concluded that Baker Tilly’s fee is reasonable and that audit quality will be maintained despite the discount, citing a smaller audit scope, comparable staffing levels and timelines to prior years, and an audit approach consistent with regulatory standards. It also highlighted Baker Tilly’s experience with listed companies and Macau casino-related operations, positioning the new auditor as a suitable long-term partner aligned with the group’s cost-saving strategy and mid-tier tourism profile.
More about Macau Legend Development
Macau Legend Development Limited is a tourism and leisure company focused on integrated resort operations, including gaming-related businesses and hospitality assets in Macau and overseas markets. The group has been restructuring its portfolio, disposing of operations in Laos and reclassifying its gaming segment as a discontinued operation amid a reduced operating scale.
Average Trading Volume: 163,819
Technical Sentiment Signal: Sell
Current Market Cap: HK$155.3M
Learn more about 1680 stock on TipRanks’ Stock Analysis page.