Gaming services firm Success Dragon International Holdings Ltd announced on Wednesday that its chairman and chief executive, Tan Teng Hong, has tendered his resignation, with effect from July 3. Mr Tan also resigned from his roles as chairman of several of the company’s committees, the firm said in a filing to the Hong Kong Stock Exchange.
Success Dragon stated that Mr Tan informed the company that he “would like to focus his time and effort on other business”.
The company also announced that it has appointed Roy Kwan Chun Wai as an executive director and chairman with effect from July 3. Mr Kwan, aged 42, was described as having “extensive experience” in the banking, financial and technology sectors.
The Hong Kong-listed firm makes most of its income from managing slot machines in the Macau market. The resignation of its chairman and CEO comes amid a decline in revenue.
Success Dragon said last month that it recorded revenue of approximately HKD112.4 million (US$14.3 million) for the financial year ended March 31, 2018 versus approximately HKD151.2 million in the prior-year period.
The company reported a loss of nearly HKD130.7 million for its latest financial year.
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"I am not going to speculate on what the [casino licence refreshment] tender requirements would be. I have full confidence and faith in the Macau government to treat everyone fairly"
Wilfred Wong Ying Wai
President and chief operating officer of Macau-based casino operator Sands China