Macau-based electronic gaming machine service provider Success Dragon has announced the appointment of a new chairman and CEO. Kwan Chun Woi Roy stepped down from the position on September 20. He was immediately succeeded by 29-year-old Ding Lei, who assumed both roles with immediate effect. Ding is the nephew of Liu Shiwei, a substantial shareholder in the company.
Kwan was one of two directors to tender his resignation, with non-executive director Chi Dong Eun also stepping down, to be replaced by Liu Hu. Both cited a desire to focus more time on their other businesses. Kwan also exited the company’s board.
Success Dragon reported in June that its loss in the electronic gaming machine management business increased to HKD15.4 million (US$2.0 million) on revenue of HKD86.7 million in the 12-month period ended March 31, from a loss of HKD11.6 million on revenue of HKD107.0 million a year earlier.
Success Dragon said Ding, who will be paid an annual director’s fee of HK$500,000 (US$65,000), holds a master’s degree in finance from the University of Texas and a bachelor’s degree in English from Luoyang Institute of Technology. He was previously an investment manager in the fixed income department of Sichuan Trust Co., Ltd and is currently a director and CEO of Luanchuan Province Luanling Gold Mines Co. Ltd.
Success Dragon recently revealed a 21.9 percent decline in revenue to HK$87.8 million for the year ended 31 March 2019, although its losses narrowed considerably from HK$131.6 million to HK$38.9 million due to a decrease in operating and administrative expenses and a decrease in accounting loss from the impairment of assets.
Meanwhile, in a filing to the Hong Kong Stock Exchange, Success Dragon said Kwan “has confirmed that he has no claim against the company in respect of his resignation and there is no disagreement between him and the board.”
The company currently provides outsourced gaming machine operations to two casinos in Macau. They are Casino Casa Real and Casino Grandview, according to Success Dragon’s corporate website.
