Hong Kong casino tycoon Lawrence Ho gained control over Melco Crown Entertainment Ltd earlier this year after James Packer’s Crown Resorts decided to reduce its stake in the company. Melco Crown is one of the six major gambling operators in Macau and operates a number of casinos in Asia including the Altira Macau, City of Dreams Macau, Studio City and the City of Dreams Manila.
The company recently announced that its chief operating officer Ted Chan Ying Tat had resigned due to personal reasons but Melco Crown would not be looking at a replacement at this point of time as Lawrence Ho has agreed to also take on the responsibly of COO and look after day to day operations. Tan had been the COO of Melco Crown since 2012 and played a significant role in re-tooling the City of Dreams Macau to become one of the top premium mass gambling casinos in the region, according to a report on GGRAsia.
There have also been reports Brokerage firm Sanford C. Bernstein Ltd that senior vice president Alidad Tash who was responsible for gaming operations and strategy had also resigned. Melco Crown did not confirm this resignation but released a statement thanking Ying Tat for his contributions to the company and wished him well for his future. The company also confirmed that it will use the opportunity to change its leadership structure that will allow it to streamline operations.
In a statement, Lawrence Ho said “Melco Crown’s recent performance has improved, but I believe we have many more near-term opportunities to drive growth and profitability. The new structure will allow for quicker decision making and reactions to a fast-changing market, which should make the company even more competitive in this challenging period of time.”
The President of Studio City, JD Clayton also stepped down from his post in September 2016 and Melco Crown replaced him by hiring David Sisk, the ex-chief operating officer of Sands China. Gaming analysts Vitaly Umansky, Yang Xie and Zhen Gong have stated that the recent changes in senior management at Melco Crown does raise some concerns over how well the new management can execute operations in the near future.
Melco Crown has done extremely well during the third quarter of this year as the company reported a profit of $62 million, which was an increase of 86.7 percent compared to the same period in 2015.