Macau Legend has announced the retirement of Melinda Chan Mei Yi from its board of directors.
The decision was communicated after an Annual General Meeting (AGM) held on June 13th, with Lam Shu Yan, Chief Financial Officer, stepping in as one of the two executive directors.
This decision comes as part of a broader board reshuffle, which also saw the retirement of Wang Hongxin, who served as an independent non-executive director.
The spouse of founder David Chow, Melinda Chan has been with the company since 2017, having held the position as CEO from March 26th, 2020 until December 29th, 2020, when Tak Chun boss Levo Chan took over after becoming the largest shareholder.
She then took over from Levo Chan in 2022 after he was detained on allegations of running illegal gambling operations.
In a statement released following the AGM, the board confirmed that all resolutions proposed during the meeting were duly passed by way of poll. ‘We thank Ms. Chan for her contributions and dedication during her tenure,’ the Macau Legend statement reads.
The board has already moved to fill these vacancies, electing Lam Shu Yan as an executive director and Ma Cheuk Ling as an independent non-executive director. Ma has also been appointed as the new chairman of the Remuneration Committee, in addition to serving as a member of the Audit Committee and the Nomination Committee.
Macau Legend has reported a significant increase in loss for 2024, totaling HK$667.23 million ($85.78 million) period, causing concerns about its financial sustainability.
The group operates two hotels in Macau, the Legend Palace Hotel and the Harbourview Hotel. It will continue operating the Legend Palace Casino until the end of the year, after which its management contract with concession-holder SJM finishes.
