Key points:
- Macau Legend Development has announced an executive reshuffle
- Both the company executive Chair and non-executive Director have stepped down from their positions
- The company has announced new executive and non-executive Directors
Following its annual general meeting (AGM), Macau Legend Development has announced that Executive Chair Chan Mei Yi, alongside independent non-executive Director Wang Hongxin, have stepped down from their respective positions.
Indeed, with the pair set for retirement, Lam Shu Yan has been announced as the new executive Director of the company – with Ma Cheuk Ling also stepping in as a new independent Non-Executive Director, replacing Hongxin directly. These changes became effective as of the conclusion of this year’s company AGM – and are now in place. As confirmed by the company, neither of the departing pair put themselves forward for reappointment.
Earlier in the year, Ling also stepped in to replace Hongxin as the Chairman of the company’s Renumeration Committee and a member of the Audit Committee – and the Nomination Committee. With nearly a decade of experience in the accounting field, Ling has held previous roles as a Senior Associate and Senior Manager at PricewaterhouseCoopers and Happy Empire International.
Elsewhere, Shu Yan has been with Macau Legend Development since 2023 and is currently Acting CFO – as well as an Acting Director at two of its subsidiary locations in Hong Kong and Macau. She holds over 18 years of auditing and accounting experience and, prior to joining Macau Legend Development, was the Director of Finance at Macau Horse Racing Company Limited. Earlier in her career, Shu Yan was also employed by KPMG in Macau.
Good to know: Last week, the Macanese region lowered its 2025 casino revenue forecast amid a revised budget
Following the arrest of its former CEO in 2021, Macau Legend Development announced the delay of its FY2021 financial results, which subsequently led to the threat of a potential trading suspension.
More recently, the casino operator posted losses of HK$667.23m (US$85m), rising from KH$4.9m since 2023 – highlighting a current period of financial turbulence for the company.
