Lawrence Ho Yau Lung resigns as chairman of Summit Ascent

The news comes hot on the heels of Ho’s decision to sell off his 17.4% stake in the Asian casino operator.

Hong Kong.- Casino investor Lawrence Ho Yau Lung has stepped down as chairman and non-executive director of Hong Kong-listed Summit Ascent Holdings, the developer of Tigre de Cristal casino resort, located in the Primorye Integrated Entertainment Zone, Russia.

In December last year, Ho announced he was to sell off his 17.4% stake in the company. Summit Ascent said in a filing that Kuo Jen Hao has been appointed as the new chairman.  Kuo is the chairman and general manager of Taiwan-listed shipping operator First Steamship. The firm revealed on December 18, 2017 that it was acquiring a 12.67% stake in Summit Ascent.

Kuo has several years of experience in investment advisory, financial advisory and corporate finance at PricewaterhouseCoopers, Bank of America Merrill Lynch and Private Equity Management Group, and held various key roles at private and listed companies.

“Kuo has a wealth of experience in business strategy development and innovation management,” Summit Ascent said in its filing. Phase one of Tigre de Cristal kicked off in 2015. The resort is currently the only operational casino in the Primorye region of Russia.

The first stage of Phase II is slated to open in the second half of 2019, Summit Ascent has revealed.