Henry Cheng, the Chairman of Hong Kong jewelry giant Chow Tai Fook, has stepped down from the board of Macau casino concessionaire SJM Holdings.
Dr Cheng, who still holds a 9.606% stake in SJM’s parent company Sociedade de Turismo e Diversões de Macau, S.A (STDM) purchased by his father in the 1980s at the request of Dr Stanley Ho, is one of two departures from the SJM board alongside David Lan Hong Tsung.
However, he will retain some interest in SJM matters with his place as a non-executive director taken by Patrick Tsang On Yip – the CEO of Chow Tai Fook who also happens to be married to Dr Cheng’s niece Selena Sun.
Tsang was previously appointed as a supervisory committee member of Sociedade de Jogos de Macau, S.A. – SJM’s casino operating entity – in March and is the Cheng family’s appointed representative on the STDM board.
While Dr Cheng is stepping back from his personal role at SJM, he has been actively ramping up Chow Tai Fook’s gaming interests in recent years.
Chow Tai Fook is part of a three-way partnership in Vietnam IR Hoiana, due to open in late 2019, alongside Suncity Group and VinaCapital; owns and operates the US$3.5 billion Baha Mar casino resort in the Caribbean; and holds a 4.99% stake in Australia’s Star Entertainment Group.
It also operates a luxury hotel brand, Rosewood Hotels, under its New World Hospitality portfolio including a hotel located at Baha Mar and another to be launched at Hoiana.
Along with Tsang, SJM revealed on Tuesday that Marina Wong – currently a director of Hong Kong Ferry (Holdings) Company Limited, Luk Fook Holdings (International) Limited, Kerry Properties Limited and Kerry Logistics Network Limited – would join the board as an independent non-executive director.