Melinda Chan retires from board of Macau Legend
The decision comes as part of a broader board restructuring.
Macau.- Melinda Chan Mei Yi has retired from the board of Macau Legend. The decision was communicated after an annual general meeting held on June 13 and is part of a broader board restructuring. Meanwhile, Charles Wang Hongxin has retired as an independent non-executive director.
Lam Shu Yan and Ma Cheuk Ling were elected as an executive director and an independent non-executive director. Ma has also been appointed as the new chairman of the Remuneration Committee, in addition to serving as a member of the Audit Committee and the Nomination Committee.
Chan Mei Yi had been appointed as chief executive officer of Macau Legend in March 2022 following the arrest of her husband, Levo Chan Weng Lin, for alleged illegal gambling activities and money laundering. In December 2022, Chan stepped down as interim CEO, but remained an executive director.
“We thank Ms. Chan for her contributions and dedication during her tenure,” the Macau Legend statement reads.
Macau Legend posts loss of US$80m for full-year 2024
In March, Macau Legend Development posted a full-year loss of HK$622.6m (US$80m), compared to a loss of HK$4.9m (US$612,500m) in the previous year.
Revenue was up 4.3 per cent when compared to the previous year at HK$901.6m (US$96.4m). Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) reached HK$159.8m (US$20m), up 65.2 per cent year-on-year. Revenue for gaming services received from SJM Holdings for mass market tables in Legend Palace Casino rose by 17.1 per cent year-on-year to HK$393.1m (US$50.3m).
The company attributed the widened loss to impairment losses of approximately HK$376.2m (US$47.0m) recognised in relation to non-financial assets held by investment projects in Macau and Cape Verde as well as the write-back of a provision for Macau complementary tax of HK$415.5m (US$51.9m).
