Mar 30, 2021 Newsdesk Latest News, Rest of Asia, Top of the deck
Hong Kong-listed Summit Ascent Holdings Ltd, the promoter of the Tigre de Cristal casino resort (pictured) in Vladivostok, Russia, has appointed David Chua Ming Huat as executive director and chief executive of the company. His appointment is effective from May 1, 2021, said the company in a Monday filing.
Mr Chua, 58, is currently chairman of Travellers International Hotel Group Inc, the developer and operator of the Resorts World Manila casino resort in the Philippine capital.
The executive also served, from September 2006 to February 2007, as the chief operating officer of Genting Bhd, the parent of a number of casino businesses around the world.
He was president of casino cruise ship operator Genting Hong Kong Ltd – a joint venture partner in the Resorts World Manila casino scheme – from May 2007 to January 2015.
In Monday’s filing, Summit Ascent said Mr Chua would serve an initial term of three years, expiring on April 30, 2024. Mr Chua is entitled to an annual director’s fee of HKD3.6 million (US$463,040) for acting as Summit Ascent’s executive director and CEO.
Summit Ascent is a 69.66-percent owned subsidiary of Hong Kong-listed Suncity Group Holdings Ltd, which has as a controlling shareholder Alvin Chau Cheok Wa, the boss of Macau-based, privately-held junket brand Suncity Group.
Summit Ascent’s deputy chairman and executive director, Andrew Lo Kai Bong, is currently the company’s “chief operating decision maker, for the purpose of allocating resources to segments and assessing their performance,” according to corporate documents.
Summit Ascent said last week that its 2020 profit fell 87.8 percent year-on-year, on revenue that was down 60.4 percent.
Profit was HKD10.0 million compared to HKD82.0 million in 2019. The 2020 revenue was HKD211.2 million versus HKD532.8 million a year earlier.
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