South Shore Holdings former CEO resigns from board

Walter Power has stepped down with immediate effect “in order to devote more time to his personal commitments.”

Macau.- South Shore Holdings has announced that former CEO and non-executive director, Walter Power, has resigned from the board.

In a filing, the company said that Power had stepped down with immediate effect “in order to devote more time to his personal commitments.”

Power was appointed CEO of the company in February 2013. He 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.

The announcement comes when the company is facing difficult times due to the Covid-19 pandemic.

Last month, South Shore applied to its bank for a “standstill” in order 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$2.48billion owing under its facility agreement.

South Shore also revealed it has reached an agreement with prospective buyers of a 50 per cent stake in THE 13 to extend the long-stop date from 14 April 2020 to 14 June 2020.

The “severe adverse effect of the Covid-19 pandemic on the state of the market, in Macau and generally,” was said to be the reason for delays.

THE 13 Hotel opened on 31 August 2018 following a series of delays due to funding problems.

A number of rooms remain unfinished and the company has made no attempt to apply for a gaming license despite having space for 66 gaming tables under a potential “service agreement” arrangement it previously reached with Macau concessionaire Melco Resorts and Entertainment.