Walt Power, former CEO of South Shore Holdings, has been appointed CEO of Vietnamese integrated resort Ho Tram, succeeding Michael Kelly, who held the position since 2016.
Power came aboard after U.S. private equity firm Warburg Pincus acquired a majority stake in Ho Tram’s parent company, Asian Coast Development Ltd (ACDL) in July 2019. Local investment and asset management firm VinaCapital also acquired a stake.
Power told Inside Asian Gaming he is “extremely optimistic” about Ho Tram’s future, though the property has struggled succeed in the Southeast Asian IR market since opening in 2013.
“Those that have followed the history of the property are well aware of its challenges, but with those challenges come opportunities,” said Power, former senior vice president of operations for Sands China subsidiary Venetian Macau Ltd. and onetime chief operating officer for original Studio City developer New Cotai Entertainment.
“I’ve always felt that with the proper strategy, the proper team and an aggressive execution, you can have success,” he told IAG. “I worked and lived in Macau for 17 years and I treasure my time there but it’s very difficult to move the needle in Macau now because of its size. It’s almost like an aircraft carrier—to move it only a few degrees left or right takes a big effort.
“I am confident we can move the needle here at Ho Tram. That’s why I’m excited and optimistic about what’s going on here.”
In a filing, South Shore said Power left “to devote more time to his personal commitments.”
He was appointed CEO of the company in February 2013, stepped down as CEO in March 2019 but remained on the board of directors.
In April, South Shore applied to its bank for a “standstill” to prevent enforcement of security over its primary asset, the 13 Hotel in Macau, and liquidation of the company after the bank issued a demand for immediate payment of HK$2.48 billion owing under its facility agreement according to Asia Gaming Brief.
The company was unable to pay HK$470 million due on March 31, which it anticipated would come from the disposal of a 50 percent interest in Uni-Dragon Ltd., the subsidiary that beneficially owns the 13. That disposal has yet to be completed, AGB reported.
