Success Dragon International Holdings Ltd, a manager of electronic gaming machines in Macau, said on Friday its chairman and chief executive, Roy Kwan Chun Wai, had resigned from both roles. He also resigned from the firm’s board.
The company added that, following those moves by Mr Kwan, it had appointed executive director Ding Lei as chairman and CEO with effect from Friday. Mr Ding is a nephew of Success Dragon’s largest shareholder, Liu Shiwei, according to information in the firm’s latest annual report.
“Mr Kwan has confirmed that he has no claim against the company in respect of his resignation and there is no disagreement between him and the board,” Success Dragon said in a filing to the Hong Kong Stock Exchange.
In addition, the company also announced on Friday the resignation of independent non-executive director Chi Dong Fun, and his replacement by Liu Hu.
Success Dragon reported in June that its loss in the electronic gaming machine management business increased to HKD15.4 million (US$2.0 million) on revenue of HKD86.7 million in the 12-month period ended March 31, from a loss of HKD11.6 million on revenue of HKD107.0 million a year earlier.
The company currently provides outsourced gaming machine operations to two casinos in Macau. They are Casino Casa Real and Casino Grandview, according to Success Dragon’s corporate website.
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Macau’s total VIP gross gaming revenue in the first quarter of 2021