Walt Power, non-executive director and former CEO of South Shore Holdings, owner of THE 13 Hotel in Macau, has moved to deny recent media reports concerning his departure from the company as CEO. Power remains a non-executive director of the company.
Speaking exclusively to Inside Asian Gaming, Power said, “In light of the delay of gaming approvals at THE 13 in Macau, the board and I mutually agreed to my re-designation from CEO to non-executive director from May 1st, 2019. The exact term used in the company announcement was ‘re-designation’ and this language was carefully chosen. My departure as CEO is simply a strategic move of the company given its current position.
“I will leave it for others to comment on my performance, but simply note that I am continuing as a director with the consent and approval of the board’s chairman and the other directors. I take this responsibility as a member of the company’s board seriously and look forward to utilizing my industry experience in the Macau gaming market to continue to contribute to the company as it moves forward.”
Power also clarified other matters which he described as “totally incorrect” in the recent reporting, stating “South Shore Holdings does not currently operate two casinos, has never previously been granted a gaming license in Macau and I am certainly not aware of any shareholders who hold me personally responsible for any ‘delays and challenges’ of the project. Frankly, I was very surprised to see such assertions in certain media outlets.”
THE 13 Hotel opened for business on 31 August 2018 and is welcoming guests for hotel stays and private functions. However, there are still a number of rooms yet to be fully operational due to defect rectification issues. South Shore revealed on 3 May that it has extended the expiry date of a Memorandum of Understanding signed with a potential investor in January until 31 May 2019.
