Former chief operating officer (COO) for Melco Resorts and Entertainment Ltd (Nasdaq:MPEL), Ted Chan Ying Tat, has been hired by market rival Galaxy Entertainment Group (GEG) Ltd (SEHK: 00027) as COO of the Macau casino operator’s “Japan development team” effective April 10, 2018.
In a Thursday press release, Galaxy Entertainment announced its reshuffle that also sees the nomination of Michael Mecca, who since 2015 has reportedly served as president with responsibility for international development and prior to that as group president and COO, to the Board of GEG as Board Director.
Chan, who will reportedly be based in Japan, resigned in November 2016 from what was then Melco Crown Entertainment Ltd for “personal reasons” after having served as its COO since February 2012. He joined the Asian casino developer and operator in November 2008, having served as president of Altira prior to that, according to a note from Brokerage Sanford C. Bernstein Ltd at the time.
In a statement within Thursday’s press release, Chan said “I am very pleased to be offered this unique and challenging career opportunity with GEG, one of the world most successful gaming and integrated resort corporations. I am honored to working with the GEG’s first class leadership team in taking the Company to its next phase of growth.”
Francis Lui Yiu Tung, Vice Chairman of GEG, said in the press release, “I am delighted to welcome Ted to GEG and I am confident that he will add significant value to our existing team and successfully drive the execution of our Japan International expansion ambitions.”
GGRAsia reports that brokerage Sanford C. Bernstein Ltd said in a Thursday note that it viewed the move as “positive for Galaxy,” one that stopped him from “going to a competitor in Macau”.
The note added, “The company has been positioning itself as a strong potential candidate for a Japan integrated resort development if the gaming process were to move forward.”
Presidential spokesman Harry Roque reportedly announced on Wednesday that GEG’s plan to build a US$500-million casino resort on the Philippine island of Boracay has been shelved by Philippine President Rodrigo Duterte, according to the news agency.