Chan Weng Lin, also known as Levo Chan, chief executive of the junket-related Tak Chun Group, has become the largest shareholder in Macau Legend Development after the company’s founder, David Chow, and others sold down their shares.
In a series of steps that unfolded this week, it first became clear that the Chan had taken a 20.7 percent stake in the firm through an offshore firm called Perfect Achiever Group Limited.
In the latest revelation, it emerges that Chow and his wife Melinda have sold down their shares from 29.9 percent down to 9.9 percent.
This not only leaves Chan as the top shareholder, but also puts the company founder below the 18 percent share of junket group Golden Glove Chairman Li Chi Keung and the 16.3 percent share of Ina Chan, the third wife of Stanley Ho.
Macau Legend operates three casinos in Macau, the Legend Palace, Landmark, and Babylon, and also has an interest in the Savan Legend in Laos.