• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Macau Legend CFO exit means firm non-compliant on listing

Nov 01, 2022 Newsdesk Latest News, Macau, Top of the deck  


Macau Legend CFO exit means firm non-compliant on listing

Gaming and hotel services firm Macau Legend Development Ltd says Tsang Ka Hung (pictured in a file photo) has stepped down as the firm’s chief financial officer (CFO), and as an executive director and the company secretary. The resignation took effect from Monday (October 31), stated the company in a filing that day to the Hong Kong Stock Exchange.

Mr Tsang resigned in order to pursue other “career development opportunities,” said the company. “The board would like to take this opportunity to express its gratitude and appreciation to Mr Tsang for his contributions to the company during his tenure of services,” it added.

Mr Tsang joined Macau Legend as CFO in late 2020, following the takeover move by Levo Chan Weng Lin, former boss of Macau junket brand Tak Chun. Mr Tsang was at the time the CFO of Tak Chun.

On Monday, Macau Legend said that following the resignation of Mr Tsang as the company secretary and authorised representative, the firm “will not be able to meet the requirements” under the listing rules of the Hong Kong bourse.

“In view of this, the company will identify a suitable candidate to fill the vacancy of the company secretary and the authorised representative as soon as practicable in accordance with the requirements of the listing rules,” it added.

In September, Macau Legend reported a first-half net loss of HKD485.5 million (US$61.9 million), on revenue that rose by 3.1 percent year-on-year, to HKD543.8 million.

The Hong Kong-listed firm has business linked to three casinos in Macau – Landmark, Babylon, and Legend Palace – under a so-called services agreement with Macau licensee SJM Holdings Ltd. The company also has a tourism complex called Macau Fisherman’s Wharf, a waterfront area close to the Outer Harbour Ferry Terminal on Macau peninsula.

Macau Legend flagged in its latest interim report the “existence of material uncertainties” that “may cast significant doubt over the group’s ability to continue as a going concern.” That included the breaching of “certain loan covenant clauses” during the reporting period, it added.

Macau Legend has recently been roiled by events linked to the arrest earlier this year of Mr Chan, former chief executive of the company. He was detained in Macau in January, on suspicion of illegal running of gambling operations and money laundering. The allegations were understood to relate to his junket activities. Nonetheless, he resigned from his Macau Legend role soon after. His trial is scheduled to start on December 5.


  • tweet
Related articles
  • Macau Legend 1H loss narrows, turns EBITDA positive
    Macau Legend 1H loss narrows, turns...

    Aug 31, 2023  

  • L&W gets new chief accountant, Chow starts as interim CFO
    L&W gets new chief accountant,...

    Aug 30, 2023  

More news
  • Macau September GGR down 13pct on August: govt
    Macau September GGR down 13pct...

    Oct 01, 2023  

  • Sands China to revitalise firecracker factory, old streets
    Sands China to revitalise firecracker...

    Sep 29, 2023  


Latest News

Macau September GGR down 13pct on August: govt

Macau September GGR down 13pct on August: govt

Oct 01, 2023  

Macau’s September casino gross gaming revenue (GGR) fell by 13.2 percent month-on-month, to MOP14.94 billion (US$1.85 billion), according to a Sunday announcement from the local regulator, the...
Read More
Sands China to revitalise firecracker factory, old streets

Sands China to revitalise firecracker factory, old streets

Sep 29, 2023  

Bloomberry aims to raise up to US$99mln via share sale

Bloomberry aims to raise up to US$99mln via share sale

Sep 29, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”The Philippines has been the primary growth driver, but really the broader Asian gaming industry is something that’s really important to us”

Matt Wilson

Chief executive of casino equipment provider Light & Wonder



Most Popular

  • Macau September GGR down 13pct on August: govtMacau September GGR down 13pct on August: govt October 1, 2023
  • Sands China to revitalise firecracker factory, old streetsSands China to revitalise firecracker factory, old streets September 29, 2023
  • S.Korea Daegu Casino fined US$776k for AML breaches S.Korea Daegu Casino fined US$776k for AML breaches  September 29, 2023
  • Bloomberry aims to raise up to US$99mln via share saleBloomberry aims to raise up to US$99mln via share sale September 29, 2023
  • Light & Wonder to expand facilities in the Philippines: CEOLight & Wonder to expand facilities in the Philippines:… September 29, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us