Macau Legend Development Ltd. has signed a contract to build an integrated resort and gaming facility complex in Cape Verde.

In a filing with the Hong Kong Stock Exchange, Macau Legend revealed that the agreement involves a $275m (HK$2.15b) investment for the project located on the islet of Santa Maria at Praia, the capital city of Cape Verde, on Santiago Island. The project will feature hotels, office buildings, property development, retail, dining, convention center, museum, function areas, a clubhouse and a marina.

Under the agreement, the Cape Verde government granted the project a land concession for 75 years and 25-year gaming concession to Macau Legend subsidiary CV Entertainment Co, of which the first 15 years will be an exclusive concession for casinos on Santiago Island. CV will also have an exclusive nationwide operation of online gaming, physical and online sports betting for 10 years.

CV Entertainment has paid the government of Cape Verde a one-time premium of approximately HK$10.1m for the gaming concession.