Emperor Entertainment Hotel Ltd, known for its involvement in Macau's bustling casino industry, has recently made a significant leadership announcement. Alexander Yeung Ching Loong has been appointed as the vice chairman of the board and a company executive director. This change will be effective from April 1, as stated in a filing submitted to the Hong Kong Stock Exchange. Alexander Yeung is not just any executive; he is the son of Albert Yeung Sau Shing, the controlling stakeholder of both Emperor Entertainment and its larger parent organization, Emperor Group. The company's internal leadership structure is family-oriented, with Emperor Entertainment currently chaired by Semon Luk Siu Man, the spouse of Mr. Albert Yeung and the mother of Alexander Yeung.
Alexander Yeung's Experience and New Responsibilities
Alexander Yeung, at the age of 38, brings with him a wealth of experience from various sectors. His expertise spans property investment and development, hotel management, entertainment production, and investment, along with a deep understanding of film production and distribution, cinema operations, financial services, and retail management in watches, jewelry, furniture, and media. Additionally, he holds board positions in numerous Hong Kong-listed firms within the Emperor Group, positioning him well for his new responsibilities at Emperor Entertainment. Notably, Mr. Alexander Yeung is also involved in political consultation as a member of the National Committee of the Chinese People’s Political Consultative Conference. As he steps into his new role, he is eligible for a director's fee of HKD100,000 annually.
Strategic Shifts and Financial Challenges
Alongside this leadership transition, Emperor Entertainment has announced the retirement of Wong Chi Fai from his role as executive director, set for April 1. The reason for his retirement is to allocate more time for personal interests as he approaches retirement age. Emperor Entertainment operates the Grand Emperor Hotel in downtown Macau, under the gaming license of SJM Holdings Ltd. The group also manages another hotel, the Inn Hotel in Macau, albeit without a gaming facility, and has additional hotel and serviced apartment businesses in Hong Kong.
In financial terms, Emperor Entertainment reported an interim loss of HKD177.9 million for the period ending September 30, 2024, contrasting with a profit of HKD11.8 million from the previous year. Despite these figures, the company experienced a 9.7% rise in revenue year-on-year, reaching HKD407.9 million. The firm is navigating a new gaming regulatory framework, anticipating changes by 2026 that will impact third-party investors in Macau satellite casinos. These investors will be restricted to earning through management fees only and will not have direct access to the economic benefits of gaming operations conducted under concessionaire licenses.
Source: Son of Emperor Group boss Albert Yeung appointed as vice-chairman of Emperor Ent, GGRAsia, February 4, 2025.
Posted by Wizard
Feb 05 2025
Feb 05 2025
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