43 Clarence Chung
CHAIRMAN AND PRESIDENT
Melco Resorts and Entertainment (Philippines)
Melco Resorts and Entertainment
POWER SCORE: 606
POSITION LAST YEAR: 37
CLAIMS TO FAME
Oversees Melco’s City of Dreams Manila joint venture with Belle Corp
Trusted Lawrence Ho associate dating back to early days of Melco
Clarence Chung’s newest title could be Melco privatizer in chief. A trusted Lawrence Ho lieutenant for 15 years, Chung headed Nasdaq listed Melco subsidiary Entertainment Gaming Asia, operating loss-making casinos in Cambodia until it was taken private and merged into Melco International last year.
Chung chairs Melco Resorts and Entertainment (Philippines), the Manila listed vehicle for the Melco parent’s stake in City of Dreams Manila, a partnership with Belle Corp, controlled by the Philippines’ richest man Henry Sy. CoD Manila has been a jewel in Melco’s portfolio, leading to Property President Geoff Andres being shifted to Studio City in Macau. Andres deputy Kevin Benning took over the Entertainment City IR and in his first full quarter, operating profits quadrupled to Php1.9 billion (US$36 million).
In September, Melco announced plans to buy back the 28% of Melco Philippines it didn’t already own and delist from the Manila stock exchange to cut administrative expenses. Shareholders complained the tender price of Php7.25 per share, while a premium to the market price, was below previous offering prices. Melco vacillated, then in late October began the tender at Php7.49 while saying it won’t delist the company. Perhaps Chung, an accountant, can explain how this plan helps a thriving business.
For the full list of 2018 Asian Gaming Power 50 winners, click here.