{"id":6589,"date":"2020-05-20T11:09:31","date_gmt":"2020-05-20T11:09:31","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=6589"},"modified":"2026-04-24T05:06:52","modified_gmt":"2026-04-24T08:06:52","slug":"south-shore-casino-ceo","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/south-shore-casino-ceo","title":{"rendered":"South Shore Holdings former CEO resigns from board"},"content":{"rendered":"\n

Walter Power has stepped down with immediate effect \u201cin order to devote more time to his personal commitments.\u201d<\/p>\n\n\n\n\n\n\n\n

Macau.- South Shore Holdings has announced that former CEO and non-executive director, Walter Power, has resigned from the board.<\/p>\n\n\n\n

In a filing, the company said that Power had stepped down with immediate effect \u201cin order to devote more time to his personal commitments.\u201d<\/p>\n\n\n\n

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\u2019 New Cotai Entertainment. <\/p>\n\n\n\n

He stepped down as CEO in March 2019 but had until now remained on the board of directors.<\/p>\n\n\n\n

The announcement comes when the company is facing difficult times due to the Covid-19 pandemic. <\/p>\n\n\n\n

Last month, South Shore applied to its bank for a \u201cstandstill\u201d 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.<\/p>\n\n\n\n

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

The \u201csevere adverse effect of the Covid-19 pandemic on the state of the market, in Macau and generally,\u201d was said to be the reason for delays.<\/p>\n\n\n\n

THE 13 Hotel opened on 31 August 2018 following a series of delays due to funding problems. <\/p>\n\n\n\n

A number of rooms remain unfinished<\/em><\/strong><\/a> and the company has made no attempt to apply for a gaming license despite having space for 66 gaming tables under a potential \u201cservice agreement\u201d arrangement it previously reached with Macau concessionaire Melco Resorts and Entertainment.<\/p>\n","protected":false},"excerpt":{"rendered":"

Walter Power has stepped down with immediate effect \u201cin order to devote more time to his personal commitments.\u201d<\/p>\n","protected":false},"author":2,"featured_media":6593,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Walter Power has resigned from the board of South Shore Holdings amidst significant financial distress for the company. South Shore is facing a HK$2.48 billion bank demand, seeking a \"standstill\" to prevent liquidation of its Macau asset, THE 13 Hotel, which remains without a gaming license despite prior arrangements with Melco Resorts. This leadership change occurs as the company navigates severe operational and capital challenges exacerbated by the pandemic.","focusai_entities":"Walter Power, South Shore Holdings, Sands China, Venetian Macau Limited, Melco Resorts, New Cotai Entertainment, THE 13 Hotel","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (0.85), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"THE 13 Hotel Future","query":"What are the specific implications for THE 13 Hotel's operational future and potential gaming license acquisition given South Shore Holdings' financial distress and the ongoing \"standstill\" negotiations?"},{"label":"Macau Market Impact","query":"How might the potential liquidation of THE 13 Hotel and South Shore Holdings' financial challenges impact the broader competitive landscape and asset valuations for other concessionaires and sub-concessionaires in the Macau gaming market?"}],"footnotes":""},"categories":[160,157,16338,158],"tags":[257],"class_list":["post-6589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-business-news","category-east-asia-news","category-slider-home","tag-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/6589","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=6589"}],"version-history":[{"count":5,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/6589\/revisions"}],"predecessor-version":[{"id":21242,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/6589\/revisions\/21242"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/6593"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=6589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=6589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=6589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}