Hong Kong-listed casino developer Landing International Development Ltd says a new executive director has joined its board with effect from Thursday, due to the resignation of an incumbent.
Yeung Lo, the newcomer, has previously worked for a Macau investment firm and as a senior vice president of international marketing at the Crown Melbourne casino resort in Victoria, Australia. That is according to a Landing International filing on Thursday. Mr Yeung also becomes an authorised representative of the group.
He replaces Zhou Xueyun, who has resigned for “personal commitment” reasons.
Landing International created a resort with foreigner-only casino, called Jeju Shinhwa World, on South Korea’s Jeju Island. The gaming portion of the facility – Landing Casino – opened in February 2018.
The company’s new board member served as chief executive at Gongzi (Macau) Investment Co Ltd from 2018 to early 2019, and from 2015 to 2017 as a senior vice president at Crown Melbourne, a property operated by Crown Resorts Ltd.
Thursday’s filing said Mr Yeung would not be working via a service contract in his new role, but would be entitled to a director’s fee of just under HKD2.12 million (US$273,000) per year.
He has been appointed for a one-year fixed term; automatically renewable for successive one-year terms upon the expiry of a term. He is subject to retirement at the next following annual general meeting of the company after his appointment – and from then on subject to retirement by rotation at least once every three years, in accordance with the company’s by-laws.
According to a separate filing on Thursday, Landing International’s rejigged board has four executive directors, including the group’s chairman and controller, Yang Zhihui, and Mr Yeung; and three independent non-executive directors.
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”“The Royal Commission finds Crown is unsuitable to hold a casino licence [in Melbourne] on the basis that it has engaged in conduct that is ‘illegal, dishonest, unethical and exploitative'”
Report from the Royal Commission into the Casino Operator and Licence
State of Victoria, Australia