New Silkroad’s vice-chairman, CEO Yan Tao resigns

Sep 29, 2017 Newsdesk Latest News, Rest of Asia, Top of the deck  

---

Yan Tao has resigned from the posts of vice-chairman, chief executive and executive director of New Silkroad Culturaltainment Ltd. The announcement was made by the Hong Kong-listed company in a Thursday filing.

New Silkroad currently operates the foreigner-only MegaLuck casino – via casino firm MegaLuck Co Ltd – on South Korea’s southern holiday destination Jeju Island.

The firm owns a 72-percent stake in MegaLuck Co, acquired in late 2015, and which was previously named the Jeju KAL Hotel. The rebranding exercise was concluded in September 2016. The Jeju casino offers 25 baccarat tables, two blackjack tables, one cussec table, one roulette table and 24 slot machines, according to New Silkroad’s latest annual report.

New Silkroad says it is developing a casino resort project in Jeju called “Glorious Hill”, also to feature hotel accommodation, commercial and residential facilities, an entertainment complex, a theme park and golf courses. The project – in which New Silkroad has a 55-percent stake – is to be on a 1.25-million square metre (13.45-million sq foot) plot and is scheduled for completion in 2020.

In May last year New Silkroad announced what it termed a “strategic alliance” with gaming entrepreneur Lawrence Ho Yau Lung’s firm Melco International Development Ltd for the “provision of associated consultancy services” for its Jeju gaming operations.

In its Thursday filing, New Silkroad stated Mr Yan’s resignation was related with “his other business commitments” and was effective from Thursday (September 28).

“Mr Yan has confirmed that he has no disagreement with the board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the company,” New Silkroad added in its filing.

New Silkroad is also engaged in the production and distribution in China of wine and baiju, the latter a Chinese alcoholic drink.

---

---