Macau junket operator Levo Chan has replaced Melinda Chan as chief executive of casino operator Macau Legend Development.
The change comes as Chan, CEO of junket group Tak Chun, moves to solidify his control of Hong Kong-listed Macau Legend after a series of share purchases last year totaling roughly 33 percent of the company’s equity.
“Mr. Chan will take care of the day-to-day management of the group’s business and implement the group’s policies, strategic plans and business goals formulated by the board,” Macau Legend said in a filing with the Hong Kong Stock Exchange.
Melinda Chan, wife of Macau Legend founder David Chow, will remain an executive director, and the two still hold a significant stake in the closely held company, around 26 percent, with the balance comprised of Levo Chan’s holding and those of directors Sheldon Trainer and Li Chi Keung and Chow’s mother, Lam Fong Ngo.
Chow will serve as co-chair with Levo Chan.
Macau Legend operates three casinos in Macau under the umbrella of gaming concessionaire SJM Holdings and a casino in Laos and plans to expand into Cape Verde via a number of resort development agreements.