Former CEO Walt Power has resigned as a non-executive director of South Shore Holdings Ltd, the company announced on Monday.
In a filing, South Shore said that Power had departed with immediate effect “in order to devote more time to his personal commitments.”
The 66-year-old was appointed CEO of the company in February 2013, having previously held roles as SVP of Operations for Sands China subsidiary Venetian Macau Limited and Chief Operating Officer of Melco Resorts’ New Cotai Entertainment. He stepped down as CEO in March 2019 but had until now remained on the board of directors.
As recently reported by Inside Asian Gaming, South Shore last month applied to its bank for a “standstill” to prevent enforcement of security over its primary asset, THE 13 Hotel in Macau, and liquidation of the company after the bank issued a demand for immediate payment of HK$2.48 billion owing under its facility agreement.
The demand, which covers the entire principal amount plus interest, comes after the company was unable to pay HK$470 million due on 31 March 2020, which it had previously anticipated would be sourced from the disposal of a 50% interest in Uni-Dragon Ltd, the subsidiary that beneficially owns THE 13. That disposal has yet to be completed.