David Chow exits board of casino services biz Macau Legend

August 18, 2022 Macau Events & Announcements Industry Updates

Former Macau legislator David Chow Kam Fai has exited the board of Macau Legend Development Ltd, a hotel and gaming services firm he helped found in 2006, and which he witnessed list on the Hong Kong Stock Exchange in 2013.

The company said in a Tuesday filing that after its annual general meeting that day, Mr Chow (pictured in a file photo) had retired as co-chairman and a non-executive director, “to focus on his other commitments”. His wife, Melinda Chan Mei Yi, remains chief executive of the company.

Earlier this month, Ms Chan had confirmed to GGRAsia that the group had stopped all casino promotion-related activities regarding its Macau Fisherman’s Wharf complex, near the Outer Harbour Ferry Terminal.

Casino concession holder SJM Holdings Ltd – that already provided the licence for the site’s two “satellite” casinos, namely Legend Palace, a hotel with associated gaming operation; and the gaming-only venue Babylon – has now taken full control of both operations.

Macau Legend has been known as a promoter of some of Macau’s so-called satellite casinos, that respectively piggyback on the licence of one of the city’s concession holders. The firm has been associated also with the gaming operation at Landmark Casino, inside the New Orient Landmark Hotel, also on Macau peninsula.

The regulatory framework for the city’s satellite casinos is in flux. Some third-party promoters of satellites had in the past shared gaming revenue with their casino partner. Under a consolidating bill covering junkets and also satellite business – due to be passed this autumn – revenue sharing is to be prohibited, although there is a three-year grace period for investors to adjust to that and other new arrangements.