Macau Legend Development Ltd has announced the resignation of David Chow as CEO, effective immediately, to be replaced by his wife Melinda Chan.
According to a filing with the Hong Kong Stock Exchange on Friday, Chow will remain as Executive Director and Co-Chairman of the company but will hand over day-to-day operational control in order to provide for “better work allocation and Mr Chow’s decision to focus on the overall business strategic and policy development of the Group.”
Ms Chan, a highly regarded political figure and President of Macau Fisherman’s Wharf International Investment Limited since October 2017, will not only assume the CEO role but has also been appointed as an Executive Director following the retirement of Ms Lam Fong Ngo.
Macau Legend noted in its announcement that Chan is beneficially interested in 129,690,066 shares and deemed to be interested in 1,404,322,826 shares held by Chow, as well as 319,696,000 Shares held by All Landmark Properties Limited, a company wholly-owned by Mr Chow.
The news followed release of Macau Legend’s financial results for the year ended 31 December 2019, which saw the company slip back to a loss of HK$190 million after recording a profit of HK$1.97 billion in 2018. However, that 2018 figure was primarily due to the sale of The Landmark Macau, without which Macau Legend would have seen a narrowed loss for the year.
The company said its revenue increased 26.5% year-on-year in 2019 to HK$2.36 billion including a 39.8% rise in gaming revenue to HK$1.90 billion.