Walter Power has been removed as CEO of South Shore Holdings, the owner and operator of Macau’s luxury The 13 hotel.
Power, who has served as chief executive since February 2013, also has been removed from South Shore’s Executive Committee and has been re-designated a non-executive director of the company.
But Power downplayed the changes in an interview with Inside Asian Gaming.
“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,” he said. “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.”
The moves were announced in a filing with the Hong Kong Stock Exchange. The filing did not state whether a replacement for Power would be sought.
The 13 opened in the Cotai resort district last August with no casino but boasting 200 high-end villas, offerings of limited-edition consumer products from major luxury brands and a fleet of customized red Rolls-Royces.
A casino license was granted as part of the project, but the company has yet to reach a formal agreement with the government enabling it to get a casino off the ground; and no operations agreement has been reached with an existing gaming license holder, according to news reports.
Power, 65, a 27-year industry veteran who served in markets from the United States to the Philippines, arrived in Macau in 2003. He has held executive positions with several of the city’s casinos, including senior vice president of Venetian Macau and chief operating officer of New Cotai Entertainment, an investor and co-developer of Macau Studio City.
He denies he was ousted, and says he remains dedicated to making The 13 a success.
“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,” he told IAG. “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.”
