David Chow exits Macau Legend board
Founder and former non-executive director and co-chairman David Chow has retired from Macau Legend’s board.
Macau.- Macau Legend has reported that its founder David Chow has stepped down as co-chairman and non-executive director on its board. That means he is no longer a member of the remuneration committee and nomination committee.
The gaming services company said Chow had resigned in order to devote time to other commitments. It stressed that he has had no disagreements with the company or its board.
In March, the company re-appointed Melinda Chan Mei Y, Chow’s spouse, as chief executive officer after the arrest of Levo Chan Weng Lin for alleged illegal gambling activities, running a crime syndicate and money laundering.
The former CEO and a controlling shareholder of Macau Legend Development Limited has been charged with other eight people but is the only one of the nine to have been detained. According to local media, Chan could face a maximum possible sentence of 20 years in prison.
An independent consultant has found no irregularities in business dealings between Macau Legend and Levo Chan, head of the major junket operator Tak Chun.
Macau Legend posts a net loss of US$151.7m for full-year 2021
Macau Legend Development has shared its financial results for the year 2021. It reported revenue was up 62.1 per cent when compared to the previous year, to nearly HK$1.14bn (US$145m). The casino operator posted a net loss of HK$1.19bn (US$151.7m) as costs increased by 28.9 per cent year-on-year, to nearly HK$1.51bn.
Macau Legend attributed the loss to social distancing measures and travel restrictions amid the Covid-19 pandemic. Gaming revenue was up 74.1 per cent year-on-year to HK$917.3m (US$117m), mainly due to an increase in the number of visitors from mainland China to Macau.
The casino operator, which runs three casinos in Macau under SJM Holdings’ gaming licence, reported that adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) was negative HK$300.3m, an improvement over the previous year, when it recorded an EBITDA loss of approximately HK$429.3m.
