{"id":32746,"date":"2022-08-18T02:02:53","date_gmt":"2022-08-18T05:02:53","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=32746"},"modified":"2026-04-23T05:47:14","modified_gmt":"2026-04-23T08:47:14","slug":"david-chow-exits-macau-legend-board","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/david-chow-exits-macau-legend-board","title":{"rendered":"David Chow exits Macau Legend board"},"content":{"rendered":"\n

Founder and former non-executive director and co-chairman David Chow has retired from Macau Legend’s board.<\/p>\n\n\n\n\n\n\n\n

Macau.- Macau Legend has reported\u00a0that its founder David Chow<\/a>\u00a0has 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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

In March, the company re-appointed\u00a0Melinda Chan Mei Y<\/a>, Chow\u2019s spouse, as chief executive officer after the\u00a0arrest of Levo Chan Weng Lin<\/a>\u00a0<\/strong>for alleged illegal gambling activities,\u00a0running a crime syndicate and money laundering.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

An independent consultant<\/a>\u00a0has found no irregularities in business dealings between Macau Legend and Levo Chan, head of the major junket operator Tak Chun.<\/p>\n\n\n\n

Macau Legend posts a net loss of US$151.7m for full-year 2021<\/h2>\n\n\n\n

Macau Legend Development <\/strong>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 <\/strong>of <\/strong>HK$1.19bn (US$151.7m) as costs increased by 28.9 per cent year-on-year, to nearly HK$1.51bn.<\/p>\n\n\n\n

Macau Legend attributed the loss to social distancing measures and travel restrictions amid the Covid-19 pandemic. Gaming revenue<\/strong> 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.<\/p>\n\n\n\n

The casino operator, which runs three casinos in Macau <\/strong>under SJM Holdings\u2019 gaming licence<\/a>, 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

Founder and former non-executive director and co-chairman David Chow has retired from Macau Legend’s board.<\/p>\n","protected":false},"author":176,"featured_media":19652,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Macau Legend announced the retirement of founder David Chow from its board, citing other commitments, following the re-appointment of Melinda Chan Mei Y as CEO after the arrest of former CEO Levo Chan Weng Lin on charges including illegal gambling and money laundering. Concurrently, the company reported a net loss of US$151.7m for FY2021, despite a 62.1% revenue increase, attributing losses to pandemic-related restrictions.","focusai_entities":"David Chow, Macau Legend, Melinda Chan Mei Y, Levo Chan Weng Lin, Tak Chun, SJM Holdings","focusai_location":"Macau, China","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (1.0), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Governance Impact","query":"How will David Chow's retirement and Melinda Chan Mei Y's re-appointment as CEO impact Macau Legend's corporate governance framework and strategic direction, particularly given the recent regulatory scrutiny?"},{"label":"Financial Outlook","query":"What are the projected financial implications for Macau Legend in FY2022, considering the improved EBITDA despite a net loss in FY2021 and the ongoing impact of pandemic-related travel restrictions and regulatory changes in Macau?"}],"footnotes":""},"categories":[157,16338],"tags":[22593],"class_list":["post-32746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-macau-legend"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=32746"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32746\/revisions"}],"predecessor-version":[{"id":32774,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32746\/revisions\/32774"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/19652"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=32746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=32746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=32746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}