Macau-based casino services firm Macau Legend Development Ltd announced on Monday that Laurence Yuen Chin Yau had resigned as the company’s executive vice president and chief financial officer (CFO). The firm said the resignation was with effect from Monday, September 19.
Mr Yuen is leaving “to pursue other career aspirations,” Macau Legend said in a filing to the Hong Kong Stock Exchange. Mr Yuen had been appointed executive vice president and CFO on July 1, replacing Chan Kin Man. Mr Yuen was also the company secretary.
Macau Legend additionally announced that Wong Man Cheung had been appointed as the new executive vice president and CFO, effective from Monday. He will also serve as the company secretary.
Mr Wong is described has having more than 20 years of work experience, mainly in: accounting; auditing; corporate finance; treasury operations; business and financial control; financial advice; and corporate governance.
Before joining Macau Legend, Mr Wong was head of finance and company secretary of Sunevision Holdings Ltd, a subsidiary of Hong Kong-based property firm Sun Hung Kai Properties Ltd. The profile of Mr Wong featured in the filing made no mention as to whether he had any previous professional experience in the gaming sector.
Macau Legend – which posted a net loss of HKD175.3 million (US$22.6 million) for the first half of 2016 – runs two casinos in Macau: Babylon Casino at Macau Fisherman’s Wharf; and Pharaoh’s Palace Casino at the Landmark Macau (pictured); both on Macau peninsula. The casinos are operated under the casino licence of Macau gaming operator SJM Holdings Ltd.
Macau Legend announced on September 1 that it had completed the acquisition of a casino property in Laos known as Savan Vegas Hotel and Entertainment Complex.
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”Given that the blanket casino closure [in Macau due to Typhoon Mangkhut] happened on an all-important weekend day… we expect that somewhere between MOP1.1 billion [US$136.2 million] and MOP1.5 billion in GGR will be lost”
Analyst at Union Gaming Securities Asia