Wife Confirms Macao Legend CEO’s 2019 Loss Instead of Chow

Former Macao MP David Chow Kampai (pictured) has resigned as CEO of Macao Legend Development Ltd, a Macao-based casino services company, from Thursday.

His wife Melinda Chan Mei Yi has replaced him in the role, he said in a filing with the Hong Kong Stock Exchange. Chan is also a former Macau lawmaker.

Mr. Chow remains executive director and co-chair of the board. The change will allow him to “focus on the development of the group’s overall business strategy and policies,” the filing said.

“Looking ahead” for the rest of 2020, “the impact of the coronavirus disease has slowed the group’s positive trend,” Mr Chow said, according to a separate press release.

Macao Legends operates the game under so-called service contracts with the existing Macao casino operator, or SJM Holdings, in three Macao locations – Legendary Palace Casino, Babylon Casino and Landmark Casino. Macao Legends also controls and operates the game at Saban Legends Casino in Laos, Southeast Asia.

The same day Macao Legend reported a loss of HK$172.4 million ($22.2 million) in sales through Dec. 31, which was actually up 26.5 percent. Such sales were just under HK$2.36 billion, compared with HK$1.87 billion a year earlier.

However, its full-year performance in 2018 was boosted by a profit of HK$3.43 billion on the disposal of its subsidiary, Landmark Macau Hotel, in the Macau Peninsula.

Total group gaming revenue in 2019 was slightly below HK$1.9 billion, up 39.8% from nearly HK$1.36 billion a year earlier.

“The significant increase in gaming revenue is primarily attributed to the mature development of Legendary Palace Casino and strong performance in the VIP segment,” the company said in a commentary on its full-year results.

As of December 31, Macau had a total of 194 game tables (same as December 2018), compared to 177 in December 2018. Laos has 55 game tables in operation, compared to 66 in December 2018.

The group’s adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for 2019 were approximately HK$365.8 million, an increase of approximately HK$60 million or 1.7% year-over-year.

On Thursday, it was also announced that Mr. Zhu’s mother, Lampong Ng’o, would retire as a Macau legend director.

According to a filing in April 2019, Mr. Lam was 91 years old at the time.

BY: 슬롯사이트 추천

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous post Cambodia orders closure of all casinos nationwide
Next post Heungkuk Life Insurance, Kim Yeon-koung’s wish for power reinforcement will fail