Genting Hong Kong Ltd – a joint venture partner in the Resorts World Manila casino resort (pictured) in the Philippines – said in a filing on Wednesday that its president had resigned.
David Chua Ming Huat tendered his resignation with effect from January 2, 2015. But in the interim, his ultimate boss, Lim Kok Thay, the chairman of Genting Hong Kong’s parent, Malaysia’s Genting Bhd, takes over as acting president with immediate effect, said the statement.
“Mr Chua has confirmed that he has no disagreement with the board and there are no other matters that need to be brought to the attention of the shareholders of the company in relation to his resignation,” added Genting Hong Kong in its filing to the Hong Kong Stock Exchange.
Genting Hong Kong also operates casino cruise ships under the Star Cruises brand. The company’s vessels are based in Hong Kong, and are permitted to open their gaming floors only after steaming into international waters.
Mr Chua was involved in managing the opening in 2009 of Resorts World Manila.
Last year, the collaboration with Philippine-based Alliance Global Group Inc – a joint venture known as Travellers International Hotel Group – postponed a share sale designed to raise money for a second casino resort in Manila, the US$1.1 billion Resorts World Bayshore project. In July 2013 the JV said it was instead allocating US$600 million to expand its existing property.
Resorts World Manila’s second phase, which includes the expansion of the Marriott Hotel Manila and the addition of 227 rooms, should be ready by the end of 2015.
Phase 3 will comprise a new gaming area and two new hotels – the Hilton Manila and the Sheraton Hotel Manila, Travellers has said. The third phase is scheduled to be completed by 2017.
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International Monetary Fund