Melinda Chan Mei Yi will step down as Chief Executive Officer of Macau Legend Development Limited on 1 January 2023, to be replaced by the company’s chairman Li Chu Kwan.
According to details filed with the Hong Kong Stock Exchange overnight, Li will also remain chairman while Chan will stay on as an Executive Director and has been appointed vice chairman of the board, “responsible for assisting Mr Li in the overseas business development of the Group.”
Li’s father, Li Chi Keung – already a substantial shareholder in Macau Legend – has been appointed as the chief consultant of the company to provide commercial and strategic advice and suggestions around the business and marketing development of the group, it explained.
Li Chi Keung is a renowned powerbroker in the Macau gaming industry, best known as the man behind the city’s only licensed sportsbook Macau Slot and as Managing Director of Macau Jockey Club, although he is a long-time junket and satellite casino investor as well.
In appointing the younger Li as CEO, Macau Legend noted that having him perform the dual roles of Chairman and CEO deviates from the Corporate Governance Code of the Listing Rules but said it does not believe the structure will impair the balance of power and authority between the Board and the management of the Company.
“The Board believes that vesting both the roles of Chairman and CEO in the same person has the benefit of providing a strong and consistent leadership to the Group and allows for more effective planning, management and implement the overall strategy of the Group,” it said.
Chan’s departure as CEO comes after she was appointed in March on an interim basis following the arrest of her predecessor, Levo Chan, in January.
Levo Chan, better known as the CEO of leading Macau junket Tak Chun Group, had acquired a personal 33.2% stake in Macau Legend in 2020 and was appointed Chairman and CEO shortly afterwards. His trial on charges of money laundering and illegal gambling began last week.
Macau Legend owns the Macau Fisherman’s Wharf Precinct, where it operates the Legend Palace and Babylon casinos under license from SJM, as well as Savan Legend in Laos.
