Macau electronic gaming machine service provider Success Dragon has announced the appointment of a new Chairman and CEO following the sudden resignation of Tan Teng Hong on Tuesday.
His position has been filled instead by 42-year-old Kwan Chun Wai Roy, whose role as Chairman, CEO and Executive Director will also see him serve as Chairman of the executive committee, investment committee and nomination committee and as a member of the remuneration committee of the board.
In a filing to the Hong Kong Stock Exchange, Success Dragon said the reason for Tan’s resignation was so he could “focus his time and effort on other businesses.”
His departure comes just a week after the company announced a 25.7% decline in revenue for the year ended 31 March 2018, including an 18.2% decline in its “Outsourced Business Process Management” segment for electronic gaming machines to HK$107 million. The segment comprised more than 95% of all revenue.
Although overall losses fell from HK$156.2 million last year to HK$131.6 million this time around due to a decrease in operating and administrative expenses, the core “Outsourced Business Process Management” segment saw its loss grow from HK$7 million to HK$11.6 million, due mainly to “the heavy operating cost and worse performance of one of the operation outlets located at the Landmark Macau.”
Success Dragon subsequently terminated operation at Landmark Macau during the year, having also been forced to cease the provision of management services to racing businesses in Vietnam in June 2017 due to regulatory changes.
In its Wednesday filing, Success Dragon said that Kwan holds a Bachelor of Science in Computer Science and Economics from the University of Michigan, Ann Arbor, and a Master of Science in Engineering Economic Systems and Operations Research from Stanford.
He has extensive experience in the banking, financial and technology sectors and strategic management consultancy experiences in various industries such as pharmaceutical, consumer goods and financial services.
Such experience could prove invaluable in Success Dragon’s future pursuits with the company declaring last week its intention to explore opportunities in blockchain to expand its interests and open new revenue channels.
